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An inflation rate of 6.1 percent in May 2023 means that prices of consumer products were on average 6.1 percent higher than in May 2022. The 6.1-percent inflation is therefore not on top of the 5.2-percent inflation of April.

Inflation (CPI)
2018 January 1.5
2018 February 1.2
2018 March 1
2018 April 1.1
2018 May 1.7
2018 June 1.7
2018 July 2.1
2018 August 2.1
2018 September 1.9
2018 October 2.1
2018 November 2
2018 December 2
2019 January 2.2
2019 February 2.6
2019 March 2.8
2019 April 2.9
2019 May 2.4
2019 June 2.7
2019 July 2.5
2019 August 2.8
2019 September 2.6
2019 October 2.7
2019 November 2.6
2019 December 2.7
2020 January 1.8
2020 February 1.6
2020 March 1.4
2020 April 1.2
2020 May 1.2
2020 June 1.6
2020 July 1.7
2020 August 0.7
2020 September 1.1
2020 October 1.2
2020 November 0.8
2020 December 1
2021 January 1.6
2021 February 1.8
2021 March 1.9
2021 April 1.9
2021 May 2.1
2021 June 2
2021 July 1.4
2021 August 2.4
2021 September 2.7
2021 October 3.4
2021 November 5.2
2021 December 5.7
2022 January 6.4
2022 February 6.2
2022 March 9.7
2022 April 9.6
2022 May 8.8
2022 June 8.6
2022 July 10.3
2022 August 12
2022 September 14.5
2022 October 14.3
2022 November 9.9
2022 December 9.6
2023 January 7.6
2023 February 8
2023 March 4.4
2023 April 5.2
2023 May 6.1

Price development of product groups

In addition to the inflation rate, CBS also publishes the price development of a number of product groups as part of its flash estimate. These product groups are aggregations of expenditure categories on a particular theme, such as all services. The price development of all categories in the CPI will be published on 6 June.

CPI; annual rate of change of product groups
All items 6.1 5.2
Non-energy industrial goods 8.9 8.3
Energy including motor fuels -18.5 -22.2
Food, beverages and tobacco 12.8 13.2
Services 6.1 6.0

New energy price measurement method

As from the reporting month of June 2023, in which the flash estimate will be published on 30 June, CBS will employ a new method to measure energy prices in the CPI. Under the current method, the price development of energy is measured on the basis of new energy contracts. The new method uses transaction data provided by energy suppliers, so that the tariffs paid under long-standing energy contracts can also be taken into account. This will result in a more accurate inflation rate. On 2 March, CBS published an update on its research into the new method of measuring energy prices.

HICP flash estimate

As of 1996, CBS publishes two different inflation rates. One based on the Consumer Price Index (CPI) and one on the Harmonised Index of Consumer Prices (HICP). According to the HICP flash estimate, inflation stood at 6.8 percent in May. This was 5.8 percent in April.

In order to facilitate comparison between countries, EU member states calculate a consumer price index according to internationally agreed definitions and methods. Eurostat calculates the inflation rates for the euro area and the European Union based on these harmonised indices (HICP) from all EU countries. The European Central Bank (ECB) uses the HICP to formulate its monetary policies in the euro area. In addition, most countries produce their own national consumer price index.

For the Netherlands, the main difference between the CPI and the HICP is that, unlike the CPI, the HICP does not take into account the costs related to home ownership. In the CPI, these costs are calculated on the basis of rental property prices. However, this is not the only difference. This is further explained in a publication.

Source of original article: Statistics Netherlands (CBS) (www.cbs.nl).
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