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Netherlands' inflation rises to 3.1% in March 2024

10 Apr '24

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Inflation in the Netherlands increased to 3.1 per cent in March 2024 from 2.8 per cent in February 2024, according to Statistics Netherlands.
The increase is largely due to energy price changes, with a slight rise despite a year-on-year decrease.
The HICP also showed a 3.1 per cent rise, contrasting with the euro area's decrease to 2.4 per cent.

Netherlands saw a noticeable uptick in inflation, with consumer goods and services costing 3.1 per cent more in March compared to the same month last year, according to Statistics Netherlands (CBS). This represents an increase from the 2.8 per cent inflation rate observed in February, aligning with the flash estimate released on 3 April.

The primary driver behind March's inflation increase is attributed to the energy sector, particularly the prices of gas, electricity, and district heating. While energy prices were found to be 2.9 per cent lower this March than a year prior, this marks a slight rise when compared to February, where energy was 5.9 per cent cheaper than its previous year's counterpart.

The harmonised index of consumer prices (HICP) saw a 3.1 per cent increase in the cost of consumer goods and services for March over the last year, slightly up from the 2.7 per cent rate reported in February. This domestic inflationary trend contrasts with the broader euro area, which saw inflation decrease from 2.6 per cent in February to 2.4 per cent in March, as per CBS.

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