Inflation at 7.6 percent in January according to flash estimate

© Hollandse Hoogte
Statistics Netherlands (CBS) reports in a flash estimate that the CPI-measured inflation rate stood at 7.6 percent in January. The flash estimate was calculated on the basis of still incomplete source data. In December, consumer goods and services were 9.6 percent more expensive than one year previously. The regular consumer price index figures will be published on 9 February.

An inflation rate of 7.6 percent in January 2023 means that prices of consumer products were on average 7.6 percent higher than in January 2022. The 7.6-percent inflation rate is therefore not on top of the 9.6-percent inflation of December.

Inflation (CPI)
YearMonthYear-on-year change (year-on-year % change)
2018January1.5
2018February1.2
2018March1
2018April1.1
2018May1.7
2018June1.7
2018July2.1
2018August2.1
2018September1.9
2018October2.1
2018November2
2018December2
2019January2.2
2019February2.6
2019March2.8
2019April2.9
2019May2.4
2019June2.7
2019July2.5
2019August2.8
2019September2.6
2019October2.7
2019November2.6
2019December2.7
2020January1.8
2020February1.6
2020March1.4
2020April1.2
2020May1.2
2020June1.6
2020July1.7
2020August0.7
2020September1.1
2020October1.2
2020November0.8
2020December1
2021January1.6
2021February1.8
2021March1.9
2021April1.9
2021May2.1
2021June2
2021July1.4
2021August2.4
2021September2.7
2021October3.4
2021November5.2
2021December5.7
2022January6.4
2022February6.2
2022March9.7
2022April9.6
2022May8.8
2022June8.6
2022July10.3
2022August12
2022September14.5
2022October14.3
2022November9.9
2022December9.6
2023January7.6

Price developments in special aggregates

In addition to the CPI inflation rate, CBS also publishes special aggregate indices as part of its flash estimate. Aggregates are groups in which different product categories are put together by theme. Four special aggregates together constitute total CPI expenditure. These include: non-energy industrial goods; energy including motor fuels; food, beverages and tobacco; and services.

CPI; annual rate of change of special aggregates
 January 2023 (%)December 2022 (%)
All items7.69.6
Non-energy industrial goods8.18.7
Energy including motor fuels-0.330.0
Food, beverages and tobacco14.514.0
Services5.34.6

HICP flash estimate

As of 1996, CBS publishes two different inflation rates: one based on the Consumer Price Index (CPI) and one based on the Harmonised Index of Consumer Prices (HICP). According to the HICP flash estimate, inflation stood at 8.4 percent in January. This was 11.0 percent in December.

In order to facilitate comparison of inflation rates, the member states of the European Union (EU) also compile a consumer price index according to internationally agreed definitions and methods. Eurostat calculates the inflation rates for the euro area and the European Union based on these harmonised indices from all EU countries. The European Central Bank (ECB) uses the HICP to formulate its monetary policies in the euro area. In addition, most countries produce their own national consumer price index.

For the Netherlands, the main difference between the CPI and the HICP is that, unlike the CPI, the HICP does not take into account the costs related to home ownership. In the CPI, these costs are calculated on the basis of rental property prices. However, this is not the only difference. This is further explained in a publication.

Sources