Inflation decreases to 3.3 percent in 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 fell by 0.2 percent in January relative to December.

Downward effect of energy prices

Changes in the price of energy (electricity, gas and heat energy) caused inflation to fall. Energy was 4.0 percent cheaper in January than it was one year earlier. In December 2024, energy prices were still 0.5 percent higher than in the same month of the previous year.

Accommodation in bungalow parks also contribute to an decrease in inflation

The price of accommodation in bungalow parks also had a downward effect on inflation. In January 2025, a smaller share of bookings fell in the Christmas holiday period than in January 2024. Around holidays and during vacations, prices for accommodation in bungalow parks are higher.

Price changes in the short term

The CPI not only provides an insight into price changes relative to one year previously (inflation) but also compared to the previous month. Consumer prices fell by 0.2 percent in January 2025 relative to December 2024.

It is worth noting that when making comparisons with the previous month, seasonal factors must be taken into account. For example, airline tickets are more expensive during holiday months than in months outside the holiday season. Prices are temporarily higher then, but this is not a structural price increase. Due to these seasonal influences, month-on-month changes are often more volatile than year-on-year changes.

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 3.0 percent more expensive in January than they were one year previously. In the January flash estimate, published on 3 February, inflation was 2.9 percent according to the HICP. In December, the HICP inflation rate was 3.9 percent. Inflation in the euro area as a whole was 2.5 percent in January, up from 2.4 percent in December.

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. Most countries also produce their own 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.

New base year for CPI figures with effect from 2026

With effect from 2026, the Consumer Price Index (CPI) and the European Harmonised Index of Consumer Prices (HICP) will move to a new base year, from 2015=100 to 2025=100. An update to the classification of goods and services will also come into use in 2026, in order to reflect current consumption patterns better. The CPI will also be brought more into line with the HICP from 2026 onwards. It is worth noting that these changes will not affect inflation figures that have already been published. The first figures based on the new series with the reference year 2025 will be published in early February 2026.