CBS: Inflation hits 4% in November, matching preliminary estimates

Consumer prices in the Netherlands rose by 4.0 percent in November compared to a year earlier, according to data confirmed by the Central Bureau of Statistics (CBS). This figure aligns with the preliminary estimate released on November 29 and marks an increase from October’s 3.5 percent inflation rate.

The CBS reported that the inflation rate is calculated monthly based on the change in the consumer price index (CPI) relative to the same month of the previous year. The 4.0 percent rise was primarily driven by price developments in motor fuels, airline tickets, and clothing.

The cost of motor fuels had the most significant upward effect. While fuel prices were still 1.5 percent lower than a year earlier, the decline was much less steep than in October, when prices were 7.0 percent lower year-over-year. A liter of gasoline cost an average of 1.95 euros in November, compared to 1.90 euros in October. Diesel prices also rose, increasing from 1.64 euros per liter in October to 1.72 euros in November.

Airline ticket prices also contributed to the inflation increase. The CBS noted that ticket prices were higher in November compared to both the previous month and the same period last year. Clothing prices added to the overall rise, with their contribution to inflation nearly doubling compared to October.

Housing, water, and energy costs remained stable, contributing 1.16 percentage points to the overall inflation figure in both October and November. Other sectors, including hospitality and food, saw modest increases. For example, the contribution of food and non-alcoholic beverages rose from 0.25 percentage points in October to 0.29 in November.

In addition to the CPI, the CBS tracks inflation using the Harmonized Index of Consumer Prices (HICP), which is used to compare inflation rates across the European Union. According to the HICP, inflation in the Netherlands stood at 3.8 percent in November, up from 3.3 percent in October. This is higher than the eurozone average, which increased from 2.0 percent in October to 2.3 percent in November.

The CBS attributed the difference between the CPI and HICP figures to methodological variations. For instance, the HICP excludes costs associated with living in owner-occupied housing, which are factored into the CPI.