Inflation in Netherlands hits 6.1% in May 2023

07 Jun '23

2 min read

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Insights

Dutch inflation rose to 6.1 per cent in May, up from 5.2 per cent in April, according to CBS.
Despite cheaper energy and motor fuels, which would have led to an inflation of 7.9 per cent, the costs of consumer goods and services continued to climb.
The upward trend has been ongoing for 4 months, with clothing and footwear also seeing a slight price increase.

Statistics Netherlands (CBS) reports that consumer goods and services in the Netherlands were 6.1 per cent more expensive in May than in the same month last year. In April, the inflation rate stood at 5.2 per cent. Excluding energy and motor fuels, inflation would have been 7.9 per cent, up from 7.8 per cent in April, as per data released by Statistics Netherlands (CBS).

Clothing and footwear were 0.64 per cent more expensive in May this year compared to May 2022.

The price development of energy (electricity, gas and district heating) had an upward effect on the inflation rate. Although energy was 24.9 per cent cheaper in May than in the same month last year, in April the year-on-year price decrease was 32.2 per cent.

The price development of motor fuels had a downward effect on the development of inflation. Motor fuels were 18.3 per cent cheaper in May than twelve months previously; in April, this was 12.7 per cent.

Consumer prices rose by 0.2 per cent in May 2023 relative to April. The price level during the past twelve months was the highest in October 2022. After that, the trend was downward until February 2023. Prices have increased for four months in a row since then.

According to the European Harmonised Index of Consumer Prices (HICP), consumer goods and services in the Netherlands were 6.8 per cent more expensive in May than in the same month last year, up from 5.8 per cent in April. Inflation in the euro area fell from 7.0 per cent in April to 6.1 per cent in May.

Fibre2Fashion News Desk (KD)

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