Inflation rate 3.3 percent in 2024
Years | Consumer price index (Year-on-year % change) |
---|---|
1965 | 5.2 |
1966 | 5.8 |
1967 | 3.1 |
1968 | 3.7 |
1969 | 7.5 |
1970 | 4.4 |
1971 | 7.6 |
1972 | 7.8 |
1973 | 8 |
1974 | 9.6 |
1975 | 10.2 |
1976 | 8.8 |
1977 | 6.7 |
1978 | 4.1 |
1979 | 4.2 |
1980 | 6.5 |
1981 | 6.7 |
1982 | 6 |
1983 | 2.8 |
1984 | 3.3 |
1985 | 2.3 |
1986 | 0.2 |
1987 | -0.5 |
1988 | 0.7 |
1989 | 1.1 |
1990 | 2.5 |
1991 | 3.9 |
1992 | 3.7 |
1993 | 2.1 |
1994 | 2.7 |
1995 | 2 |
1996 | 2.1 |
1997 | 2.2 |
1998 | 2 |
1999 | 2.2 |
2000 | 2.6 |
2001 | 4.5 |
2002 | 3.4 |
2003 | 2.1 |
2004 | 1.2 |
2005 | 1.7 |
2006 | 1.1 |
2007 | 1.6 |
2008 | 2.5 |
2009 | 1.2 |
2010 | 1.3 |
2011 | 2.3 |
2012 | 2.5 |
2013 | 2.5 |
2014 | 1 |
2015 | 0.6 |
2016 | 0.3 |
2017 | 1.4 |
2018 | 1.7 |
2019 | 2.6 |
2020 | 1.3 |
2021 | 2.7 |
2022 | 10 |
2023 | 3.8 |
2024 | 3.3 |
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.
Month | 2024 (2015=100) | 2023 (2015=100) |
---|---|---|
Jan | 161.58 | 136.27 |
Feb | 161.84 | 136.27 |
Mar | 163.47 | 136.27 |
Apr | 163.83 | 136.33 |
May | 168.17 | 137.82 |
Jun | 203.7 | 155.59 |
Jul | 217.16 | 157.26 |
Aug | 217.48 | 160.98 |
Sep | 217.5 | 161.04 |
Oct | 216.88 | 161.41 |
Nov | 217.04 | 161.52 |
Dec | 217.12 | 161.52 |
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.
2024 (percentage point) | 2023 (percentage point) | |
---|---|---|
All Items | 3.3 | 3.8 |
Housing, water and energy | 0.75 | -1.00 |
Miscellaneous goods and services | 0.67 | 0.67 |
Alcoholic beverages and tobacco | 0.49 | 0.22 |
Restaurants and hotels | 0.48 | 0.60 |
Transport | 0.27 | 0.25 |
Recreation and culture | 0.26 | 0.47 |
Food and non-alcoholic beverages | 0.20 | 1.47 |
Consumption related taxes | 0.15 | 0.10 |
Health | 0.14 | 0.11 |
Furnishing and household equipment | -0.19 | 0.38 |
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.
Country | % (year-on-year % change of the HICP) |
---|---|
Lithuania | 0.9 |
Finland | 1.0 |
Italy | 1.1 |
Ireland | 1.3 |
Latvia | 1.4 |
Slovenia | 2.0 |
Cyprus | 2.3 |
France | 2.3 |
Luxembourg | 2.3 |
Euro area | 2.4 |
Germany | 2.5 |
Malta | 2.5 |
Portugal | 2.7 |
Austria | 2.9 |
Spain | 2.9 |
Greece | 3.0 |
Slovakia | 3.1 |
Netherlands | 3.2 |
Estonia | 3.7 |
Croatia | 4.0 |
Belgium | 4.3 |
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.
Sources
- StatLine - Consumer prices; price index 2015=100
- StatLine - HICP; The Netherlands, Euro area and Europe, 2015=100
Related items
- Background - Differences between consumer price figures
- Dossier - Business cycle