Inflation at 2.7 percent in May according to flash estimate

31/05/2024 15:00

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

Statistics Netherlands (CBS) reports in a flash estimate that the CPI-measured inflation rate stood at 2.7 percent in May. The flash estimate is based on source data that is not yet complete. This was also 2.7 percent in April. Inflation is measured every month as the change in the consumer price index (CPI) relative to the same month one year previously. The regular consumer price index (CPI) figures for May will be published on 11 June.

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
2024 April 2.7
2024 May 2.7
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
2024 April 2.7
2024 May 2.7

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
2024	April	2.7
2024	May	2.7

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
2024	April	2.7
2024	May	2.7

Price changes in various product groups

In addition to the inflation rate, CBS also publishes price changes for a number of product groups as part of its flash estimate. These product groups are aggregations of spending categories for a particular theme, such as ‘all services’. The price change of all categories in the CPI will be published on 11 June.

CPI; annual rate of change of product groups
	May 2024 (%)	April 2024 (%)
All items	2.7	2.7

Non-energy industrial goods	-1.8	-0.8
Energy including motor fuels	4	3.3
Food, beverages and tobacco	3.1	3.2
Services	4.5	4

CPI; annual rate of change of product groups
	May 2024 (%)	April 2024 (%)
All items	2.7	2.7

Non-energy industrial goods	-1.8	-0.8
Energy including motor fuels	4	3.3
Food, beverages and tobacco	3.1	3.2
Services	4.5	4

New method for measuring energy prices

Since June 2023, CBS has been using a new method to measure energy prices and incorporate them into the CPI. At that time, CBS published a background articleexplaining in more detail what the switch means for the CPI, inflation and the use of the CPI for indexing purposes.

HICP flash estimate

CBS publishes two different figures for inflation. One is based on the Consumer Price Index (CPI) and the other on the European Harmonised Index of Consumer Prices (HICP). According to the HICP flash estimate, inflation stood at 2.7 percent in May. This was 2.6 percent in April.

In order to facilitate comparison between countries, EU member states calculate a consumer price index according to internationally agreed definitions and methods. Based on these harmonised indices (HICP) for all EU countries, Eurostat calculates the inflation rates for the eurozone and the EU as a whole. 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.

In the case of 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 CPI, these costs are calculated based on changes in rents for housing. However, this is not the only difference. All the differences are explained in greater detail in this article.