Dutch stats office confirms inflation reversal of -0.4% despite food price hike of 8%

Statistics Netherlands (CBS) confirmed that the Netherlands saw consumer prices drop by 0.4 percent in October. The slight inflation reversal was largely due to lower energy prices. Food prices were still 7.9 percent higher than a year ago, the stats office said.

“The fact that inflation was negative in October is entirely because energy prices were particularly high in October 2022,” CBS said. “Excluding energy, inflation was 5.1 percent.”

The price development for food also had a lowering effect on inflation last month. Although food products were 7.9 percent more expensive in October than a year earlier, the increase was less than September’s 9.4 percent. “In addition to food, rice developments in motor fuels and clothing also had a dampening effect on inflation,” CBS said.

CBS also publishes inflation figures according to the European harmonized calculation method, which makes it easier to compare inflation with other EU countries. According to this method, which does not include the cost of living in one's own home, inflation in the Netherlands was -1.0 percent in October. Inflation in the eurozone fell from 4.3 percent in September to 2.9 percent in October.