Final data released on November 10 by Statistics Netherlands (CBS) showed that the Dutch consumer price index (CPI) rose 3.7% year-on-year in October, up from 3.4% in September and in line with both the preliminary estimate and market expectations.
The rebound in inflation was mainly driven by higher natural gas prices and a narrower decline in food prices.
On the energy front, Dutch natural gas prices climbed 11.7% year-on-year in October, faster than the 7.4% increase recorded in September.
Although gasoline and diesel prices rose 22.6% and 44.4% year-on-year respectively, those gains were smaller than the 27.3% and 45.8% increases seen in September, providing some offset to overall inflation.
Food prices fell 1.1% year-on-year, a smaller decline than the 1.7% drop in September, which also helped push the overall price growth higher.
On a month-on-month basis, Dutch CPI rose 0.7% in October, above the average 0.5% increase for the same period over the past decade and only below the levels recorded in the same months of 2021 and 2022.
Measured by the EU harmonised index of consumer prices (HICP), the Dutch inflation rate rose to 3.3% in October from 3.0% in September, remaining below the eurozone's overall level of 4.0% for the same period.
Comments