Inflation remains at 2.7 percent in May

Downward effect of furniture and clothing

In May, price changes in furniture and clothing had a downward effect on inflation. Home furniture was 7.1 percent cheaper than one year previously. In April, prices were 3.1 percent lower than they were in April 2023. Prices for clothing also had a downward effect on inflation. Clothing was 3.9 percent cheaper in May than in the previous year, while in April it was 2.3 percent cheaper.

Overnight stays in bungalow parks more expensive

The price of overnight stays in bungalow parks had an upward effect on inflation. Overnight stays in bungalow parks were on average 5.7 percent more expensive in May than they were in May 2023, while in April it was 5.2 percent less expensive than in the previous year. Around public holidays and during holidays, prices of services related to tourism are higher because more people go on holiday. With the May holidays coming late, May included more holiday days than last year. As a result, prices for overnight stays in bungalow parks were higher on average in May 2024 than they were in May 2023.

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 up to 2.6 percent in the euro area

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 2.7 percent more expensive in May. In April, the inflation rate was 2.6 percent according to the HICP. Inflation in the euro area as a whole was 2.6 percent in May, up from 2.4 percent in April.

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.