Inflation at 3.7 percent in July according to flash estimate

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According to the flash estimate of inflation carried out by Statistics Netherlands (CBS), the inflation rate stands at 3.7 percent in July. The flash estimate is based on source data that is not yet complete. Inflation in June was 3.2 percent. 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 July will be released on 6 August.

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 broad spending categories such as ‘services’. The price changes for all CPI categories will be published on 6 August.

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 in the Netherlands stood at 3.5 percent in July. In June, the HIPC inflation rate was 3.4 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 the article linked below ('Differences between consumer price figures').

Sources