Netherlands Inflation August 2022


Netherlands: Harmonized inflation comes in at record-high level in August

August 31, 2022

Harmonized inflation rose to 13.7% in August, following July’s 11.6%. August's figure was the highest inflation rate since records began. The increase was broad-based, with greater price pressures recorded for food, energy and industrial goods.

The trend pointed up, with annual average harmonized inflation coming in at 8.5% in August (July: 7.6%). Meanwhile, consumer price inflation rose to 12.0% in August, from the previous month's 10.3%. This marked the highest print since at least 1963, when current records began.

On a monthly basis, harmonized consumer prices rose 2.35% in August. This was up from July’s 2.17% increase and marked the strongest monthly expansion since March.

Analysts at the EIU added:

“Annual inflation in the Netherlands has been in double digits since March […]. As elsewhere in the region, this is mainly linked to supply bottlenecks and higher global commodity prices. However, a peculiarity related to the authorities' calculation of the utility price component of inflation […] means that inflation has been higher than in most other countries in the region. […] We forecast average inflation of 10.8% in 2022, slowing to a still-high 8.4% in 2023.”

FocusEconomics panelist expect harmonized inflation to average 9.7% in 2022, which is up 0.7 percentage points from last month, and 4.4% in 2023, which is up 0.5 percentage points from last month.


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Netherlands Inflation Chart

Netherlands Inflation August 2022

Note: Annual and monthly variation of harmonized index of consumer prices in %.
Source: Statistics Netherlands (CBS) and FocusEconomics calculations.

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