CBS preliminary estimate: Dutch inflation rises to 4.1 percent in December
Inflation in the Netherlands rose to 4.1 percent in December, according to a preliminary estimate by Statistics Netherlands (CBS). This figure is based on incomplete source data and reflects year-on-year changes in the consumer price index (CPI). In November, inflation stood at 4.0 percent.
CBS noted that the final, detailed CPI data for December will be released on Jan. 14. The preliminary data also provide an initial inflation estimate for 2024, indicating that consumer goods and services were, on average, 3.3 percent more expensive than in 2023.
CBS further reported varying inflation rates across product categories. Services experienced the largest increase, with prices rising by 5.8 percent in December compared to 5.5 percent in November. Food, beverages, and tobacco saw inflation climb to 6.7 percent from 6.2 percent the previous month. Energy, including motor fuels, registered a year-on-year price increase of 1.4 percent, recovering from a decline of 0.3 percent in November. Industrial goods excluding energy and motor fuels saw no change in December, compared to a 1.3 percent increase in November.
In addition to the national CPI, CBS publishes the harmonized index of consumer prices (HICP), which is used for European comparisons. The preliminary HICP for the Netherlands showed inflation at 3.9 percent in December, up slightly from 3.8 percent in November. For 2024, the HICP indicated a year-on-year price increase of 3.2 percent.
The HICP differs from the CPI in that it excludes the costs of owning and living in private homes. In the Netherlands, housing costs in the CPI are calculated based on rental price trends, a factor not considered in the HICP.
Fluctuating Dutch inflation
The Netherlands has seen fluctuating inflation rates in recent years. After a low of 0.8 percent in November 2020 during the COVID-19 pandemic, inflation surged to a peak of 14.5 percent in September 2022. Since then, the rate has gradually declined, although it remains above pre-pandemic levels.
Monthly inflation rates for 2024 showed a gradual increase over the year, starting at 3.2 percent in January and reaching 4.1 percent in December.
The HICP figures are part of a standardized calculation used by all European Union member states. Eurostat compiles these data to calculate inflation for the eurozone and the EU as a whole. The European Central Bank uses the HICP as a benchmark for monetary policy in the eurozone.
For November 2024, Eurostat reported eurozone inflation at 2.4 percent, significantly lower than the Netherlands’ HICP of 3.8 percent during the same month.
