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Dutch Core CPI Likely Moderated In February

NETHERLANDS
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Dutch February HICP inflation was 2.7% Y/Y (vs 3.1% prior) and 0.9% M/M (vs 0.2% prior). The consensus of 2.8% Y/Y and 1.1% M/M was made up of just 4 and 3 analysts respectively.

  • CPI was 2.8% Y/Y (vs 3.2% prior).
  • The press release does not provide an estimate for CPI ex-energy (which was 3.5% Y/Y in January).
  • However, the development of non-energy sub-components suggests this metric should moderate in February: Services inflation fell to 4.5% Y/Y (vs 4.8% prior); NEIG to -0.6% Y/Y (vs 0.3% prior) and food, alcohol and tobacco to 2.7% Y/Y (vs 4.1% prior).
  • Energy inflation was 1.1% Y/Y (vs -2.5% prior).
  • The Netherlands makes up 5.7% of the 2024 Eurozone HICP basket.
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Dutch February HICP inflation was 2.7% Y/Y (vs 3.1% prior) and 0.9% M/M (vs 0.2% prior). The consensus of 2.8% Y/Y and 1.1% M/M was made up of just 4 and 3 analysts respectively.

  • CPI was 2.8% Y/Y (vs 3.2% prior).
  • The press release does not provide an estimate for CPI ex-energy (which was 3.5% Y/Y in January).
  • However, the development of non-energy sub-components suggests this metric should moderate in February: Services inflation fell to 4.5% Y/Y (vs 4.8% prior); NEIG to -0.6% Y/Y (vs 0.3% prior) and food, alcohol and tobacco to 2.7% Y/Y (vs 4.1% prior).
  • Energy inflation was 1.1% Y/Y (vs -2.5% prior).
  • The Netherlands makes up 5.7% of the 2024 Eurozone HICP basket.