Netherlands Inflation October 2022


Netherlands: Harmonized inflation moderates in October

November 17, 2022

Harmonized inflation decelerated to 16.8% in October, following September’s 17.1%. Softer price pressures for energy and transport led the downturn. That said, food inflation rebounded.

The trend pointed up, with annual average harmonized inflation coming in at 10.8% in October (September: 9.7%). Meanwhile, consumer price inflation decelerated to 14.3% in October, from the previous month's 14.5%.

Lastly, harmonized consumer price rose 1.33% in October over the prior month (September: 2.84% mom).

On the specifics of Dutch inflation measurement and the outlook, EIU analysts commented:

“[…] a peculiarity related to the authorities' calculation of the utility price component of inflation (which assumes that utility rates rise in line with spot prices, despite the large number of fixed-rate contracts) means that inflation has been higher than in most other countries in the region. The authorities are reviewing the way in which they calculate inflation; in the meantime annual inflation will remain extremely high. We estimate inflation at an average of 12.4% in 2022, slowing to a still-high 10% in 2023.”

Our panel projects harmonized inflation to average 6.4% in 2023, which is up 1.2 percentage points from last month’s forecast, and 2.9% in 2024.


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Netherlands Inflation Chart

Netherlands Inflation October 2022 2

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

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