A river under the bridge in the Netherlands

Netherlands Inflation January 2024

Netherlands: Harmonized inflation comes in at highest level since August 2023 in January

Harmonized inflation came in at 3.1% in January, up from December’s 1.0%. January’s figure marked the highest inflation rate since August 2023. The spike was largely driven by stronger growth in prices for recreation and hospitality. In addition, price pressures for transportation grew at a more moderate pace and prices for housing and utilities declined at a notably weaker pace.

The trend pointed down, with annual average harmonized inflation coming in at 3.7% in January (December: 4.1%). Meanwhile, consumer price inflation rose to 3.2% in January, from December’s 1.2%.

Lastly, harmonized consumer prices rose 0.16% from the previous month in January, largely in line with the 0.20% increase logged in December.

Analysts at the EIU commented on the outlook:

“On the assumption that energy prices do not spike again and the ECB’s monetary policy tightening puts a lid on underlying inflationary pressures, we expect inflation to be more stable in 2024. […] Inflation in the Netherlands has been more volatile than in much of the euro zone in the past 18 months, relating to a peculiarity of the authorities’ calculation of the utility price component of inflation. Their inflation calculation assumes that utility rates rise in line with spot prices, despite the large number of fixed-rate contracts.”

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