Inflation in the Netherlands was 17.1 percent in September, according to the measurement method adopted within the EU. That is a lot higher than the 13.7 percent in August. This is reported by Statistics Netherlands (CBS) based on provisional figures, an initial estimate based on incomplete data. The EU price index is usually slightly higher than the regular Dutch inflation figures, mainly because housing costs are calculated differently. They will be published on October 6.
According to a preliminary estimate by the European statistical office Eurostat, inflation in the eurozone as a whole rose to 9.1 percent, from 9.1 percent in June. Dutch inflation is therefore considerably higher than the average in the Euro countries.
The chart below shows the two Dutch inflation figures for recent years: the Dutch and the harmonized European consumer price index.
Inflation in the Netherlands
Inflation is again higher than last month. In August, prices rose 12 percent from August 2021. This is the first time since September 1975 that the consumer price index has exceeded 10 percent. Last month inflation was still 10.3 percent.
The high inflation is mainly due to the increased energy prices, but food and clothing have also become more expensive. New energy contracts were 151 percent more expensive in August than in the same month a year earlier.
Food prices are also rising rapidly. Foods were 13.1 percent more expensive in August than a year earlier, in July that was 12.3 percent. Especially the more expensive pasta contributes to the more expensive groceries. The Dutch price increases are published monthly by Statistics Netherlands (CBS).
Not all prices rise at the same rate. The graph below shows energy prices compared to inflation rates for all consumer products combined.
Fuel prices are also closely watched by many. Due to the expensive refueling, the cabinet temporarily lowered the excise duty on petrol and diesel at the beginning of April.
Every month, Statistics Netherlands lists the products and services for which the prices have risen the most, and which are becoming cheaper. The top-5 can be found in the table below.
International
Inflation is also calculated in a European context. The so-called harmonized price index of the European Union is higher for the Netherlands than the consumer price index. The biggest difference: the costs of living in an owner-occupied home are not included in the European figures.
Prices are also rising in other countries, but Dutch inflation is currently slightly higher than the EU average.
Below is the latest known inflation figures for EU countries. For some countries, the data is less up-to-date than the Dutch.
Wages
Wages are also rising, but are currently unable to keep up with currency depreciation. This means that many Dutch people now have less to spend than a few months ago. In August collectively agreed wages were on average 3.3 percent higher than twelve months previously.
Prognosis
Inflation has not been this high in years. The big question now is whether this is temporary. The Organization for Economic Co-operation and Development (OECD) thinks inflation will rise less rapidly in the coming period. The graph below shows the latest OECD forecast.