Higher food, services prices pushed Dutch inflation to 3.7 percent in July

Inflation in the Netherlands continued to rise in July, reaching 3.7 percent on an annual basis, Statistics Netherlands (CBS) reported in a quick estimate. In June, inflation had already risen to 3.2 percent from 2.7 percent in May.

According to CBS, the increased inflation is partly due to higher food, beverage, and tobacco prices. These became 5.4 percent more expensive in July, compared to a 4.4 percent increase in June. The prices of services also continued to rise in July by 5.7 percent, compared to 4.6 percent in June. Energy prices (including motor fuels) were much lower in July than in June.

Dutch inflation based on the European harmonized calculation method was 3.5 percent in July, compared to 3.4 percent in June. The calculation method is slightly different from the one CBS uses. The method agreed within the European Union to measure inflation does not take account of the costs of living in your own home.

Later in the day, the European statistics agency Eurostat will publish figures on July inflation in the eurozone. In June, it was 2.5 percent.