Inflation rate 3.3 percent in 2024

© ANP / Robin Utrecht
Statistics Netherlands (CBS) reports that prices of consumer goods and services in the Netherlands rose by 3.3 percent on average relative to the previous year. In 2023, inflation stood at 3.8 percent. In 2024, housing and tobacco prices contributed the most to inflation in 2024.

Inflation
YearsConsumer price index (Year-on-year % change)
19655.2
19665.8
19673.1
19683.7
19697.5
19704.4
19717.6
19727.8
19738
19749.6
197510.2
19768.8
19776.7
19784.1
19794.2
19806.5
19816.7
19826
19832.8
19843.3
19852.3
19860.2
1987-0.5
19880.7
19891.1
19902.5
19913.9
19923.7
19932.1
19942.7
19952
19962.1
19972.2
19982
19992.2
20002.6
20014.5
20023.4
20032.1
20041.2
20051.7
20061.1
20071.6
20082.5
20091.2
20101.3
20112.3
20122.5
20132.5
20141
20150.6
20160.3
20171.4
20181.7
20192.6
20201.3
20212.7
202210
20233.8
20243.3

Price of housing higher

The price of housing made an important contribution to inflation in 2024. The price of housing is measured in the CPI for both rental dwellings and owner-occupied homes on the basis of changes to property rents. In 2024, property rents were on average 3.7 percent higher than in 2023. In 2023 the price increase was 2.5 percent.

Tobacco more expensive

Tobacco products also made a major contribution to inflation. In 2024, tobacco was 29.0 percent more expensive than the year before. The price increase is mainly the result of excise duty increases that took effect in April 2024. The excise duty on 50 grams of rolling tobacco increased from 10.83 euros to 17.35 euros, while the excise duty on 20 cigarettes was raised from 5.87 euros to 7.81 euros. Rises in excise duty have a somewhat delayed effect on sales prices, because tobacco stocks continue to be sold with old excise duty rates in the first months after the excise duty increase.

Price index tobacco
Month2024 (2015=100)2023 (2015=100)
Jan161.58136.27
Feb161.84136.27
Mar163.47136.27
Apr163.83136.33
May168.17137.82
Jun203.7155.59
Jul217.16157.26
Aug217.48160.98
Sep217.5161.04
Oct216.88161.41
Nov217.04161.52
Dec217.12161.52

Prices for furniture and household items lower

Prices for home products such as furniture and household items had a downward effect on inflation in 2024. Prices in this product group were 3.0 percent lower than a year earlier. This decline is mainly due to prices for furniture and upholstery, household textiles and household items.

Food prices are rising less rapidly

Average inflation was 3.3 percent in 2024. The price increase was therefore lower than in 2023, when consumer products became 3.8 percent more expensive over the course of that year. This is mainly due to prices for food products, which were 1.1 percent higher in 2024 than in 2023, on average. In 2023, food prices were 12.1 percent higher than in 2022.

CPI: Major contributions to year-on-year change
 2024 (percentage point)2023 (percentage point)
All Items3.33.8
Housing, water and
energy
0.75-1.00
Miscellaneous goods
and services
0.670.67
Alcoholic beverages
and tobacco
0.490.22
Restaurants and hotels0.480.60
Transport0.270.25
Recreation and culture0.260.47
Food and non-alcoholic
beverages
0.201.47
Consumption related
taxes
0.150.10
Health0.140.11
Furnishing and household
equipment
-0.190.38

New method of measuring 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.

Eurozone inflation 2.4 percent

Since 1996, CBS has published two different inflation rates: one based on the Consumer Price Index (CPI) and one based on the Harmonised Index of Consumer Prices (HICP). According to the European HICP, consumer goods and services in the Netherlands were 3.2 percent more expensive in 2024 than they were in 2023. According to the HICP, the inflation rate was 4.1 percent in 2023. Inflation in the euro area fell from 5.4 percent in 2023 to 2.4 percent in 2024.

European harmonised inflation (HICP) in the Euro area in 2024
Country% (year-on-year % change of the HICP)
Lithuania0.9
Finland1.0
Italy1.1
Ireland1.3
Latvia1.4
Slovenia2.0
Cyprus2.3
France2.3
Luxembourg2.3
Euro area2.4
Germany2.5
Malta2.5
Portugal2.7
Austria2.9
Spain2.9
Greece3.0
Slovakia3.1
Netherlands3.2
Estonia3.7
Croatia4.0
Belgium4.3
Bron: CBS, Eurostat modified by CBS

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 in the euro area. In addition, most countries produce their own national consumer price index.

The main conceptual difference between the CPI and the HICP for the Netherlands is that, unlike the CPI, the HICP does not take into account the costs related to home ownership. In the Dutch CPI, these costs are calculated based on developments in rental property prices. The differences are further explained in the article Differences between consumer price figures.