Inflation 3.0 percent in August, according to flash estimate

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© ANP / Julie Hrudova
Statistics Netherlands (CBS) reports in a flash estimate that the CPI-measured inflation rate was 3.0 percent in August. The flash estimate was conducted on the basis of still incomplete source data. In July, consumer goods and services were 4.6 percent more expensive than one year previously. The regular consumer price index (CPI) figures will be published on 12 September.

An inflation rate of 3.0 percent for August 2023 means that prices of consumer products were on average 3.0 percent higher than in August 2022. The 3.0-percent inflation is therefore not on top of the 4.6-percent inflation of July.

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
2023February8
2023March4.4
2023April5.2
2023May6.1
2023June5.7
2023July4.6
2023August3

Price development of product groups

In addition to the inflation rate, CBS also publishes the price development of a number of product groups as part of its flash estimate. These product groups are aggregations of expenditure categories on a particular theme, such as all services. The price development of all categories in the CPI will be published on 12 September.

CPI; annual rate of change of product groups
 August 2023 (%)July 2023 (%)
All items3.04.6
Non-energy industrial goods6.46.3
Energy including motor fuels-28.6-21.4
Food, beverages and tobacco10.311.6
Services5.45.8

New energy price measurement method

As of June 2023, CBS has adopted a new method to measure energy prices and incorporate them into the CPI. This change in methodology has affected the inflation rate. On 30 June, CBS published a background article explaining in more detail what the change means for the CPI, the inflation rate and the use of the CPI for indexation purposes.

HICP flash estimate

As of 1996, CBS publishes two different inflation rates. One based on the Consumer Price Index (CPI) and one on the Harmonised Index of Consumer Prices (HICP). According to the HICP flash estimate, inflation stood at 3.4 percent in August. This was 5.3 percent in July.

In order to facilitate comparison between countries, EU member states calculate 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 (HICP) from all EU countries. The European Central Bank (ECB) uses the HICP to formulate its monetary policies for 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 based on the development of housing rents. However, this is not the only difference. The differences are further explained in another publication.

Sources

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