Amsterdam, July 9 (TASR) – Dutch inflation accelerated in June 2024, reaching its fastest pace in five months, revised data from the Central Statistics Office (CBS) showed on Tuesday, confirming a preliminary flash estimate.
The consumer price index in the eurozone’s fifth-largest economy rose by 3.2% in June 2024, up from 2.7% in the previous month.
June’s inflation rate is the highest since January. It was driven by an acceleration in the growth of prices of alcoholic beverages and tobacco (to 19.3% from 13.2% in May), prices in restaurants and hotels (to 7.2% from 5.7%), and healthcare costs (to 6.5% from 5%). In addition, clothing and footwear prices rose by 2% in June after falling by 2.4% in May. At the same time, the pace of decline in furniture and household appliance prices slowed (to -4.3% from -5.2%), as did the pace of growth in transport costs (to 3.8% from 4.5%), housing (to 1.5% from 1.7%), and miscellaneous goods and services (to 7% from 7.2%).
On a month-on-month basis, consumer prices in the Netherlands rose by 0.2% in June, the same as in the previous month.
The harmonized index of consumer prices, which is calculated according to a uniform methodology across the European Union, rose by 3.4% year-on-year in the Netherlands (2.7% in the previous month).
Key Points:
- Dutch inflation accelerated to 3.2% in June 2024, the highest rate in five months.
- The rise was driven by faster growth in prices of alcoholic beverages and tobacco, restaurants and hotels, and healthcare.
- The harmonized index of consumer prices rose by 3.4% year-on-year in June.
Additional Notes:
- The CBS revises its inflation data each month to reflect the latest available information.
- The harmonized index of consumer prices is used by the European Central Bank (ECB) to assess price stability in the eurozone.
- The ECB’s target inflation rate is 2% over the medium term.
