Inflation at 3.2 percent in June according to flash estimate

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© Nikki van Toorn
The inflation rate stood at 3.2 percent in June, according to the flash estimate of Statistics Netherlands (CBS). The flash estimate is based on source data that is not yet complete. The inflation rate was 2.7 percent in May. Inflation is measured every month as the change in the consumer price index (CPI) relative to the same month one year previously. The regular CPI figures for June will be released on 9 July.

Inflation
yearmonthInflation (year-on-year % change of the CPI)
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
2023September0.2
2023October-0.4
2023November1.6
2023December1.2
2024January3.2
2024February2.8
2024March3.1
2024April2.7
2024May2.7
2024June3.2

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 changes for all the categories in the CPI will be published on 9 July.

CPI; annual rate of change of product groups
 June 2024 (%)May 2024 (%)
All items3.22.7
Non-energy industrial goods-0.5-1.8
Energy including motor fuels3.44.0
Food, beverages and tobacco4.43.1
Services4.64.5

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 3.4 percent in June. In May, the HICP inflation rate was 2.7 percent.

In order to facilitate comparison between countries, EU member states calculate a consumer price index according to internationally agreed definitions and methods. Eurostat uses the HICP figures from all EU countries to calculate the inflation rate for the euro area and the European Union. 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. These differences are explained in greater detail in this article.

Sources