Inflation increases to 4.1 percent in December

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© CBS
Statistics Netherlands (CBS) reports that consumer goods and services in the Netherlands were 4.1 percent more expensive in December 2024 than one year previously. In November, the inflation rate stood at 4.0 percent. The December inflation rate is the same as the flash estimate published on 7 January.

Inflation is measured each month as the increase in the consumer price index (CPI) relative to one year previously. The CPI not only provides an insight into price changes relative to one year previously (inflation) but also changes relative to the previous month. Prices for consumers rose by 0.1 percent in December relative to November.

With the December figure being known, the inflation rate for the year as a whole can also be calculated. On average, consumer prices were 3.3 percent higher in 2024 than they were in the previous year.

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
2024October3.5
2024November4
2024December4.1

Accommodation in bungalow parks contribute the most to an increase in inflation

Accommodation in bungalow parks caused the largest increase in inflation. In December, accommodation in bungalow parks was 26.1 percent more expensive than in December 2023. In November 2024, prices were 11.3 percent higher. In December 2024, a larger proportion of bookings were during the Christmas holiday period compared to December 2023. Prices for accommodation in bungalow parks are higher around public holidays and during holidays because more people go on holiday in that period. The price changes in motor fuels also had an upward effect on inflation.

Price index bungalow parks
Month2024 (2015=100)2023 (2015=100)
Jan121.04106.63
Feb133.16118.91
Mar132.96114.58
Apr153.37161.76
May171.70162.39
Jun170.71148.61
Jul220.41206.09
Aug231.75214.79
Sep155.40142.71
Oct169.59160.11
Nov126.90114.05
Dec152.67121.10
 

Downward effect of price developments in clothing

On the other hand, prices for clothing had a dampening effect on the development of inflation. Clothing was 0.3 percent cheaper in December than they were in December 2023. In November, prices for clothing were up 3.8 percent from the previous year.

CPI: Contributions to year-on-year change
 December 2024 (percentage point)November 2024 (percentage point)
All items4.14.0
Housing, water and
energy
1.131.16
Alcoholic beverages
and tobacco
0.620.62
Restaurants and hotels
(i.a. holiday centres)
0.610.41
Miscellaneous goods
and services
0.590.67
Food and non-alcoholic
beverages
0.360.29
Transport (i.a. motor fuels)0.250.17
Recreation and culture0.240.24
Consumption related
taxes
0.150.15
Health0.110.15
Education0.090.09
Consumption abroad0.070.00
Clothing and footwear-0.010.18
Communication-0.01-0.02
Furnishing and household
equipment
-0.10-0.10

Inflation up in the euro area

CBS publishes 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 3.9 percent more expensive in December than they were one year previously. In November, the inflation rate was 3.8 percent according to the HICP. Inflation in the euro area as a whole was 2.4 percent in December, up from 2.2 percent in November. Inflation in the Netherlands is higher than in the euro area, mainly due to price rises for services and tobacco.

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
2024September3.31.7
2024October3.32
2024November3.82.2
2024December3.92.4

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.

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