Much less substantial enhance in power costs
In June, the year-on-year value enhance of power (electrical energy, fuel and district heating) was much less substantial than in Could. This resulted in decrease inflation. In June, power was 84 percent dearer than one 12 months beforehand. In Could, this was 105 percent. Along with power, the value improvement of clothes additionally had a downward impact on the inflation charge.
Vitality at the moment makes a big contribution to general inflation. The value improvement of power is measured by CBS on the premise of recent contracts. CBS has began analysis on the measurement of power costs within the CPI.
Bigger enhance in meals costs
Meals costs rose additional in June. Meals was 11.2 percent dearer than one 12 months beforehand. In Could, meals costs had been up by 9.1 percent. That is primarily as a result of value improvement of dairy merchandise and meat. Most different merchandise, together with cereals, oils and fat, greens, fish and fruit, additionally grew to become dearer. Meals has turn into dearer each month since October 2021.
Motor fuels dearer
The value improvement of motor fuels had an upward impact on the inflation charge as nicely. The value enhance of motor fuels amounted to three4.8 percent relative to June 2021. In Could, motor fuels had been 27.3 percent dearer than one 12 months beforehand. The typical value for a litre of petrol on the pump rose from 2.19 euros in Could to 2.35 euros in June. The value of diesel was 2.14 euros in June towards 1.99 euros in Could. The typical costs of petrol and diesel have by no means been as excessive as in June.
|Housing, water and
|Meals and non-alcoholic
|Furnishing and family
|Eating places and motels||0.48||0.47|
|Recreation and tradition||0.27||0.26|
Euro space inflation continues to rise
Since 1996, CBS has printed two completely different inflation charges: one primarily based on the Client Worth Index (CPI) and one primarily based on the Harmonised Index of Client Costs (HICP). Based on the European HICP, client items and providers within the Netherlands had been 9.9 p.c dearer in June than in the identical month final 12 months, down from 10.2 percent in Could. Inflation within the euro space rose from 8.1 percent in Could to 8.6 percent in June.
Distinction between CPI and HICP
To be able to facilitate comparability between nations, EU member states calculate a client value index in keeping with internationally agreed definitions and strategies. The European Central Financial institution (ECB) makes use of the HICP to formulate its financial insurance policies within the euro space. As well as, most nations produce their very own nationwide client value index.
The primary conceptual distinction between the CPI and the HICP for the Netherlands is that, in contrast to the CPI, the HICP doesn’t have in mind the prices associated to residence possession. Within the Dutch CPI, these prices are calculated primarily based on developments in rental property costs.
Implications of the coronavirus disaster for client value measurements
Because of the authorities’s COVID-19 countermeasures, a number of providers have been both restricted or unavailable since April 2020. Because of this, there have been no transactions that allowed for value measurements for a number of the providers. In accordance with the Eurostat pointers, CBS has opted for essentially the most applicable estimation technique in every state of affairs. In June 2022, costs had been not estimated in reference to COVID-19, however estimates made in the identical month final 12 months nonetheless have an effect on this month’s inflation.