Dutch inflation rises to 3.7 per cent as gas prices climb
Dutch consumer inflation accelerated from 3.4 per cent in September to 3.7 per cent in October, confirming the initial estimate. Higher natural gas prices were a main driver, while food prices fell less sharply than before. Prices also rose over the month. The European harmonized measure increased, although it remained below the euro area rate.
Economics & Markets··Evening
Gas prices accelerate the annual increase
Consumer prices in the Netherlands were 3.7 per cent higher in October than a year earlier, up from September’s 3.4 per cent rate. The final figures released on 10 November left the preliminary estimate unchanged. Statistics Netherlands, the national statistical agency also known as CBS, had issued that first estimate on 4 November. Annual inflation compares prices with the same month a year earlier.[1], [2]
Energy was the main driver of the acceleration, according to CBS. Natural gas prices rose 11.7 per cent annually after increasing 7.4 per cent in September. Food prices remained below their year-earlier level, but their decline slowed from 1.7 per cent to 1.1 per cent, adding to the upward movement in overall inflation.[1]
Housing and transport make the largest contributions
Housing and utilities added 1.14 percentage points to the annual inflation rate, followed by transport at 1.04 percentage points. Spending abroad contributed 0.45 percentage points, while restaurants and accommodation added 0.28 percentage points. Food and non-alcoholic beverages lowered the total by 0.14 percentage points. These contributions express each group’s effect on the overall rate, separately from the group’s own price change.[1]
Road fuels continued to become more expensive over the year, although their increases slowed. Petrol inflation eased to 22.6 per cent from 27.3 per cent, and diesel inflation fell to 44.4 per cent from 45.8 per cent.[1]
Monthly prices rise above the October average
Prices rose 0.7 per cent from September, compared with a ten-year average October increase of 0.5 per cent. CBS cautioned that monthly comparisons are sensitive to seasonal effects. Under the European harmonized index, Dutch annual inflation increased from 3 per cent to 3.3 per cent; the euro area rate rose from 3.8 per cent to 4 per cent.[1]
Within the Dutch harmonized measure, energy prices increased 14.5 per cent annually and services rose 3.7 per cent. Food, beverages and tobacco were 0.6 per cent cheaper than a year earlier. The indices now use 2025 as their base year, with that year’s average price level set at 100.[1]
