Dutch inflation down to 2.8% in August

The prices of daily life increased by an average of 2.8 percent in August compared to the same month a year ago, Statistics Netherlands (CBS) reported based on a quick estimate. Inflation was therefore slightly lower than the 2.9 percent in July.

Compared to the previous month, consumer prices rose by 0.2 percent in August. The estimate is based on still incomplete data. CBS will publish the final inflation figures for August on September 9.

Inflation was caused mainly by the price development of food, beverages, and tobacco. These became 3.7 percent more expensive in August, following a 4.1 percent increase in July. Prices in the service sector rose by 3.8 percent last month, following a 4 percent increase in July. Energy prices rose by 1.6 percent, following a 1 percent increase a month earlier. This figure also includes motor fuels.

Dutch inflation based on the European calculation method was 2.4 percent last month, down from 2.5 percent in July. The European calculation method is slightly different from CBS’s. The method for measuring inflation agreed upon within the European Union does not include the costs of living in a private home.

Inflation in the Netherlands has been above the European average for some time. This is partly due to a sharper increase in the prices of food, beverages, and tobacco in the Netherlands. In the eurozone, prices rose by 2 percent in July. Inflation in the eurozone is therefore in line with the European Central Bank’s target. Later today, Eurostat will release a quick estimate for the eurozone inflation for August.