Inflation rises to 3.1 percent in March

09/04/2024 15:00

More recent figures are available on this topic. View the latest figures here.

Statistics Netherlands (CBS) reports that consumer goods and services in the Netherlands were 3.1 percent more expensive in March compared to one year previously. In February, the inflation rate stood at 2.8 percent. Inflation is measured each month as the increase in the consumer price index (CPI) relative to one year previously. The March inflation rate is the same as the flash estimate published on 3 April.

Inflation
year	month	Inflation (year-on-year % change of the CPI)
2019	January	2.2
2019	February	2.6
2019	March	2.8
2019	April	2.9
2019	May	2.4
2019	June	2.7
2019	July	2.5
2019	August	2.8
2019	September	2.6
2019	October	2.7
2019	November	2.6
2019	December	2.7
2020	January	1.8
2020	February	1.6
2020	March	1.4
2020	April	1.2
2020	May	1.2
2020	June	1.6
2020	July	1.7
2020	August	0.7
2020	September	1.1
2020	October	1.2
2020	November	0.8
2020	December	1
2021	January	1.6
2021	February	1.8
2021	March	1.9
2021	April	1.9
2021	May	2.1
2021	June	2
2021	July	1.4
2021	August	2.4
2021	September	2.7
2021	October	3.4
2021	November	5.2
2021	December	5.7
2022	January	6.4
2022	February	6.2
2022	March	9.7
2022	April	9.6
2022	May	8.8
2022	June	8.6
2022	July	10.3
2022	August	12
2022	September	14.5
2022	October	14.3
2022	November	9.9
2022	December	9.6
2023	January	7.6
2023	February	8
2023	March	4.4
2023	April	5.2
2023	May	6.1
2023	June	5.7
2023	July	4.6
2023	August	3
2023	September	0.2
2023	October	-0.4
2023	November	1.6
2023	December	1.2
2024	January	3.2
2024	February	2.8
2024	March	3.1

Inflation
year	month	Inflation (year-on-year % change of the CPI)
2019	January	2.2
2019	February	2.6
2019	March	2.8
2019	April	2.9
2019	May	2.4
2019	June	2.7
2019	July	2.5
2019	August	2.8
2019	September	2.6
2019	October	2.7
2019	November	2.6
2019	December	2.7
2020	January	1.8
2020	February	1.6
2020	March	1.4
2020	April	1.2
2020	May	1.2
2020	June	1.6
2020	July	1.7
2020	August	0.7
2020	September	1.1
2020	October	1.2
2020	November	0.8
2020	December	1
2021	January	1.6
2021	February	1.8
2021	March	1.9
2021	April	1.9
2021	May	2.1
2021	June	2
2021	July	1.4
2021	August	2.4
2021	September	2.7
2021	October	3.4
2021	November	5.2
2021	December	5.7
2022	January	6.4
2022	February	6.2
2022	March	9.7
2022	April	9.6
2022	May	8.8
2022	June	8.6
2022	July	10.3
2022	August	12
2022	September	14.5
2022	October	14.3
2022	November	9.9
2022	December	9.6
2023	January	7.6
2023	February	8
2023	March	4.4
2023	April	5.2
2023	May	6.1
2023	June	5.7
2023	July	4.6
2023	August	3
2023	September	0.2
2023	October	-0.4
2023	November	1.6
2023	December	1.2
2024	January	3.2
2024	February	2.8
2024	March	3.1

Inflation higher due to energy price developments

The rise in inflation was mainly due to changes in the price of energy (gas, electricity and district heating). Energy prices were 2.9 percent lower in March than one year previously, but in February energy was 5.9 percent less expensive than one year earlier.

Since June 2023, CBS has been using a new method to measure energy prices and incorporate them into the CPI. On 30 June, CBS published a background article explaining in more detail what this switch means for the CPI, the inflation rate and the use of the CPI for indexation purposes.

Price index electricity, gas and heat energy
Month	2024 (2015=100)	2023 (2015=100)
Jan	172.39	189.85
Feb	171.56	182.39
Mar	169.96	175.11
Apr		173.03
May		166.5
Jun		163.35
Jul		157.57
Aug		156.9
Sep		157.32
Oct		156.36
Nov		158.95
Dec		160.2

Price index electricity, gas and heat energy
Month	2024 (2015=100)	2023 (2015=100)
Jan	172.39	189.85
Feb	171.56	182.39
Mar	169.96	175.11
Apr		173.03
May		166.5
Jun		163.35
Jul		157.57
Aug		156.9
Sep		157.32
Oct		156.36
Nov		158.95
Dec		160.2

Petrol more expensive

In addition to energy, price changes in petrol also had an upward effect on the inflation rate. In March, petrol was 11.5 percent more expensive relative to one year previously. In February, prices were 9.0 percent higher than the previous year. One liter of Euro 95 petrol cost an average of 2.01 euros in March, compared with 1.97 euros in February.

CPI: Major contributions to year-on-year change
	March 2024 (percentage point)	February 2024 (percentage point)
All items	3.1	2.8

Miscellaneous goods and services (i.a. personal care and insurances)	0.67	0.68
Restaurants and hotels	0.54	0.51
Transport	0.50	0.45
Housing, water and energy	0.49	0.39
Alcoholic beverages and tobacco	0.31	0.30
Recreation and culture	0.25	0.24

CPI: Major contributions to year-on-year change
	March 2024 (percentage point)	February 2024 (percentage point)
All items	3.1	2.8

Miscellaneous goods and services (i.a. personal care and insurances)	0.67	0.68
Restaurants and hotels	0.54	0.51
Transport	0.50	0.45
Housing, water and energy	0.49	0.39
Alcoholic beverages and tobacco	0.31	0.30
Recreation and culture	0.25	0.24

Inflation in the euro area down

Since 1996, CBS has published two different inflation rates: one based on the Consumer Price Index (CPI) and one based on the European Harmonised Index of Consumer Prices (HICP). According to the HICP, consumer goods and services in the Netherlands were 3.1 percent more expensive in March than in the same month last year. In February, the inflation rate was 2.7 percent according to the HICP. Inflation in the euro area as a whole fell from 2.6 percent in February to 2.4 in March.

European harmonised inflation (HICP)
year	month	The Netherlands (year-on-year % change of harmonised consumer price index)	Euro area (year-on-year % change of harmonised consumer price index)
2019	January	2	1.4
2019	February	2.6	1.5
2019	March	2.9	1.4
2019	April	3	1.7
2019	May	2.3	1.2
2019	June	2.7	1.3
2019	July	2.6	1
2019	August	3.1	1
2019	September	2.7	0.8
2019	October	2.8	0.7
2019	November	2.6	1
2019	December	2.8	1.3
2020	January	1.7	1.4
2020	February	1.3	1.2
2020	March	1.1	0.7
2020	April	1	0.3
2020	May	1.1	0.1
2020	June	1.7	0.3
2020	July	1.6	0.4
2020	August	0.3	-0.2
2020	September	1	-0.3
2020	October	1.2	-0.3
2020	November	0.7	-0.3
2020	December	0.9	-0.3
2021	January	1.6	0.9
2021	February	1.9	0.9
2021	March	1.9	1.3
2021	April	1.7	1.6
2021	May	2	2
2021	June	1.7	1.9
2021	July	1.4	2.2
2021	August	2.7	3
2021	September	3	3.4
2021	October	3.7	4.1
2021	November	5.9	4.9
2021	December	6.4	5
2022	January	7.6	5.1
2022	February	7.3	5.9
2022	March	11.7	7.4
2022	April	11.2	7.4
2022	May	10.2	8.1
2022	June	9.9	8.6
2022	July	11.6	8.9
2022	August	13.7	9.1
2022	September	17.1	9.9
2022	October	16.8	10.6
2022	November	11.3	10.1
2022	December	11	9.2
2023	January	8.4	8.6
2023	February	8.9	8.5
2023	March	4.5	6.9
2023	April	5.8	7
2023	May	6.8	6.1
2023	June	6.4	5.5
2023	July	5.3	5.3
2023	August	3.4	5.2
2023	September	-0.3	4.3
2023	October	-1	2.9
2023	November	1.4	2.4
2023	December	1	2.9
2024	January	3.1	2.8
2024	February	2.7	2.6
2024	March	3.1	2.4

European harmonised inflation (HICP)
year	month	The Netherlands (year-on-year % change of harmonised consumer price index)	Euro area (year-on-year % change of harmonised consumer price index)
2019	January	2	1.4
2019	February	2.6	1.5
2019	March	2.9	1.4
2019	April	3	1.7
2019	May	2.3	1.2
2019	June	2.7	1.3
2019	July	2.6	1
2019	August	3.1	1
2019	September	2.7	0.8
2019	October	2.8	0.7
2019	November	2.6	1
2019	December	2.8	1.3
2020	January	1.7	1.4
2020	February	1.3	1.2
2020	March	1.1	0.7
2020	April	1	0.3
2020	May	1.1	0.1
2020	June	1.7	0.3
2020	July	1.6	0.4
2020	August	0.3	-0.2
2020	September	1	-0.3
2020	October	1.2	-0.3
2020	November	0.7	-0.3
2020	December	0.9	-0.3
2021	January	1.6	0.9
2021	February	1.9	0.9
2021	March	1.9	1.3
2021	April	1.7	1.6
2021	May	2	2
2021	June	1.7	1.9
2021	July	1.4	2.2
2021	August	2.7	3
2021	September	3	3.4
2021	October	3.7	4.1
2021	November	5.9	4.9
2021	December	6.4	5
2022	January	7.6	5.1
2022	February	7.3	5.9
2022	March	11.7	7.4
2022	April	11.2	7.4
2022	May	10.2	8.1
2022	June	9.9	8.6
2022	July	11.6	8.9
2022	August	13.7	9.1
2022	September	17.1	9.9
2022	October	16.8	10.6
2022	November	11.3	10.1
2022	December	11	9.2
2023	January	8.4	8.6
2023	February	8.9	8.5
2023	March	4.5	6.9
2023	April	5.8	7
2023	May	6.8	6.1
2023	June	6.4	5.5
2023	July	5.3	5.3
2023	August	3.4	5.2
2023	September	-0.3	4.3
2023	October	-1	2.9
2023	November	1.4	2.4
2023	December	1	2.9
2024	January	3.1	2.8
2024	February	2.7	2.6
2024	March	3.1	2.4

Difference between CPI and HICP

In order to facilitate comparison between countries, EU member states calculate a consumer price index according to internationally agreed definitions and methods. The European Central Bank (ECB) uses the HICP to formulate its monetary policies for the euro area. In addition, most countries produce a national consumer price index.

For the Netherlands, the main difference between the CPI and the HICP is that the HICP does not take account of costs related to home ownership while the CPI does. In the Dutch CPI, these costs are calculated based on changes to rental property prices. These differences are explained in greater detail in the article Differences between consumer price figures.

Sources

StatLine - Consumer prices; price index 2015=100
StatLine - HICP; The Netherlands, Euro area and Europe, 2015=100

Inflation higher due to energy price developments

Petrol more expensive

Inflation in the euro area down

Difference between CPI and HICP

Sources

Related items