Inflation decreases to 3.5 percent in September

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Statistics Netherlands (CBS) reports that consumer goods and services in the Netherlands were 3.5 percent more expensive in September 2024 than one year previously. In August, the inflation rate stood at 3.6 percent. Inflation is measured each month as the increase in the consumer price index (CPI) relative to one year previously. The September inflation rate is the same as the flash estimate published on 1 October.

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
2024July3.7
2024August3.6
2024September3.5

Lower inflation due to lower prices for motor fuels

Inflation fell due to lower prices for motor fuels. Motor fuel prices were 11.3 percent lower in September than in September 2023. In August, fuels were 5.6 percent less expensive than in the same month last year. A litre of Euro 95 cost an average of 1.88 euros in September, compared with 1.95 euros in August. The price of a litre of diesel decreased from 1.67 euros in August to 1.61 euros in September.

Price index motor fuels
Month2024 (2015=100)2023 (2015=100)
Jan129.07123.77
Feb133.18122.65
Mar135.2121.69
Apr139.31123.51
May135.57119.63
Jun133.08120.73
Jul133.76131.84
Aug130.48138.29
Sep125.62141.65
Oct137.13
Nov132.91
Dec127.53

Upward effect of clothing

Prices for clothing, on the other hand, had an upward effect on inflation. In September, clothing was 2.1 percent more expensive than in September 2023, while in August it was 3.5 percent cheaper than in August 2023.

CPI: Major contributions to year-on-year change
 September 2024 (percentage point)August 2024 (percentage point)
All items3.53.6
Housing, water and
energy		1.081.08
Miscellaneous goods
and services		0.650.63
Alcoholic beverages
and tobacco		0.620.62
Restaurants and hotels0.420.54
Recreation and culture0.300.28
Food and non-alcoholic
beverages		0.250.20
Consumption related
taxes		0.150.15
Health0.140.15
Clothing and footwear0.09-0.11
Furnishing and household
equipment		-0.15-0.25
Transport (i.a. motor fuels)-0.170.13

Inflation fell further in the euro area

Since 1996, CBS has published two different inflation rates: one is based on the Consumer Price Index (CPI) and the other is based on the European Harmonised Index of Consumer Prices (HICP). According to the HICP, consumer goods and services in the Netherlands were 3.3 percent more expensive in September. In August, the inflation rate was also 3.3 percent according to the HICP. Inflation in the euro area as a whole was 1.8 percent in September, down from 2.2 percent in August. Inflation in the Netherlands is higher than in the euro zone mainly due to price rises for tobacco and services.

European harmonised inflation
yearmonthThe Netherlands (year-on-year % change of the HICP)Euro area (year-on-year % change of the HICP)
2019January21.4
2019February2.61.5
2019March2.91.4
2019April31.7
2019May2.31.2
2019June2.71.3
2019July2.61
2019August3.11
2019September2.70.8
2019October2.80.7
2019November2.61
2019December2.81.3
2020January1.71.4
2020February1.31.2
2020March1.10.7
2020April10.3
2020May1.10.1
2020June1.70.3
2020July1.60.4
2020August0.3-0.2
2020September1-0.3
2020October1.2-0.3
2020November0.7-0.3
2020December0.9-0.3
2021January1.60.9
2021February1.90.9
2021March1.91.3
2021April1.71.6
2021May22
2021June1.71.9
2021July1.42.2
2021August2.73
2021September33.4
2021October3.74.1
2021November5.94.9
2021December6.45
2022January7.65.1
2022February7.35.9
2022March11.77.4
2022April11.27.4
2022May10.28.1
2022June9.98.6
2022July11.68.9
2022August13.79.1
2022September17.19.9
2022October16.810.6
2022November11.310.1
2022December119.2
2023January8.48.6
2023February8.98.5
2023March4.56.9
2023April5.87
2023May6.86.1
2023June6.45.5
2023July5.35.3
2023August3.45.2
2023September-0.34.3
2023October-12.9
2023November1.42.4
2023December12.9
2024January3.12.8
2024February2.72.6
2024March3.12.4
2024April2.62.4
2024May2.72.6
2024June3.42.5
2024July3.52.6
2024August3.32.2
2024September3.31.8

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.

Sources

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