Inflation drops to 8.8 percent in May

Consumers paid 8.8 percent more for goods and services in May than a year earlier, down from 9.6 percent inflation in April, Statistics Netherlands (CBS) reported based on its own calculation method.

The fall in inflation was mainly due to the price development of energy - electricity, gas, and city heating. In May, energy was 105 percent more expensive than a year earlier. In April, it was 136 percent. Because the price increase was lower, it had a dampening effect on inflation.

Petrol and food had an upward effect on inflation. Petrol was 23.8 percent more expensive in May than a year earlier, compared to 20.1 percent. Food prices were 9.1 percent higher in May, compared to 8.5 percent in April.

CBS reports two inflation figures every month, one based on the European harmonized calculation method and one on its own method, which includes housing costs. The European harmonized method makes it easier to compare inflation in different eurozone countries. According to that method, Dutch inflation was 10.2 percent in May and 11.2 percent in April. The eurozone inflation rose from 7.4 percent in April to 8.1 percent in May.