Dutch inflation down to 2.9 percent in July; Food prices increased 4.1 percent

Daily life was 2.9 percent more expensive for Netherlands residents in July than a year earlier, Statistics Netherlands (CBS) reported in a first quick estimate on Friday. Inflation was therefore lower than June’s 3.1 percent. Compared to June, consumer prices increased by 1.3 percent. Food prices and service prices were the main reasons for inflation.

Food, drinks, and tobacco prices increased by 4.1 percent in July. But because June's price increase for these products was higher at 4.6 percent, overall inflation in July was lower.

Prices in the service sector had a similar effect. The prices for services increased by 4.0 percent, lower than June’s increase of 4.4 percent.

Energy, including motor fuels, became 1 percent more expensive after a price increase of 0.5 percent in June.

Dutch inflation based on the European calculation method was 2.5 percent in July, down from 2.8 percent in June. The European method differs from CBS’s in that it doesn’t include the costs of living in your own home.

Dutch inflation has been above the European average for many months. In June, consumer prices in the eurozone increased by an average of 2 percent, in line with the European Central Bank’s target. The European statistics agency Eurostat will publish the first estimate of eurozone inflation in July later today.