Dutch inflation rises to 3.2% in January 2024

13 Feb '24

2 min read

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In January 2024, the Netherlands saw inflation rise to 3.2 per cent, up from December's 1.2 per cent, with a 0.5 per cent month-on-month increase.
Clothing and footwear CPI dropped by 0.16 per cent YoY.
Excluding energy and motor fuels, January's inflation was 3.5 per cent.
Energy prices were 9.2 per cent lower YoY, impacting overall inflation rates.

Netherlands saw a significant uptick in the inflation rate for consumer goods and services in January 2024, with prices being 3.2 per cent higher than the same month in the previous year, as per recent data released by Statistics Netherlands (CBS). This marks a notable increase from December's inflation rate, which was recorded at 1.2 per cent. January also saw a month-on-month rise in consumer prices, with a 0.5 per cent increase compared to December 2023.

However, the clothing and footwear sector experienced a slight decline, with the consumer price index (CPI) for these items falling by 0.16 per cent year-on-year (YoY) in January.

Excluding energy and motor fuels, the inflation rate in January was slightly higher at 3.5 per cent, compared to 3.4 per cent in December. The gap between overall inflation and inflation excluding energy costs was narrower in January than in December, highlighting the significant impact of energy prices on the overall inflation rate, as per CBS.

The report attributes the rise in inflation primarily to fluctuations in energy prices. Energy costs in January were 9.2 per cent lower than the same month in the previous year, a stark contrast to December, when energy prices were 42.1 per cent lower YoY.

Additionally, according to the harmonised index of consumer prices (HICP), consumer goods and services in the Netherlands were 3.1 per cent more expensive in January than in the corresponding month last year, with the inflation rate standing at 1 per cent in December according to the HICP. Meanwhile, inflation across the euro area decreased slightly from 2.9 per cent in December to 2.8 per cent in January.

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