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HICP 16.8 percent higher in October

2 years ago

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HICP 16.8 percent higher in October

According to the European Harmonised Index of Consumer Prices (HICP), inflation stood at 16.8 percent in October, as reported by Statistics Netherlands (CBS). It stood at 17.1 percent in September. This is a flash estimate, based on as yet incomplete source data. The regular figures, including inflation according to the Netherlands Consumer Price Index (CPI), will be published on 8 November.

The 16.8-percent inflation rate of October 2022 means that consumer prices were up by 16.8 percent up relative to October 2021; therefore, this is not on top of the 17.1 percent inflation in September.

In its initial estimate (also known as flash estimate), CBS indicates the price developments of four special aggregates. These aggregates combined form the HICP’s total expenditure: non-energy industrial goods; energy including motor fuels; food, beverages and tobacco; and services.

Study on energy prices: preliminary results

CBS has launched research into a new method to measure and calculate the energy prices as part of the HICP and CPI. This method should reflect the current developments in energy prices in a more refined manner. So far, the first provisional calculations have been carried out and CBS has published the preliminary research results.

In the coming period, CBS will provide regular updates and results from the study along with its reports on inflation. The study is expected to be well advanced by January. More clarity will then be provided about which observation method of energy prices will be implemented, and the date when this new method will be implemented. Figures already published will not be adjusted during the transition towards a new method.

HICP and CPI

CBS has been publishing two different inflation rates since 1996: one based on the national consumer price index (CPI) and one based on the European Harmonised Index of Consumer Prices (HICP). In order to facilitate comparison between countries, the EU member states calculate a consumer price index according to internationally agreed definitions and methods. The European Central Bank (ECB) uses the HICP to formulate its monetary policies in the euro area. In addition, most countries produce their own national consumer price index.

The main difference between the CPI and the HICP for the Netherlands is that, unlike the CPI, the HICP does not take into account the costs related to home ownership. In the Dutch CPI, these costs are calculated on the basis of rental property prices. However, this is not the only difference. The differences are further explained in a publication.

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