Inflation down to 2.7 percent in April

Prices of overnight stays in bungalow parks lower due to fewer holiday days in April

The decline in inflation in April can mainly be attributed to the price development of overnight stays in bungalow parks. Around public holidays and during holidays, prices of services related to tourism are higher because more people go on holiday. With Easter falling early in 2024 and the May holidays came late, April counted fewer holiday days than last year. As a result, prices of overnight stays in bungalow parks were at a lower average in April 2024 than they were in April 2023. An overnight stay was down by an average of 5.2 percent year on year, while in March it was still 16.0 percent more expensive than in the previous year.

New method to measure energy prices

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.

Inflation in the euro area stable

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 2.6 percent more expensive in April than in the same month last year. In March, the inflation rate was 3.1 percent according to the HICP. Inflation in the euro area as a whole was 2.4 percent in April, the same as in March.

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.