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EUROPEAN INFLATION: Dutch HICP Accelerates on Core Goods And Energy

EUROPEAN INFLATION
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Dutch flash HICP inflation rose to 3.81% in November, up from 3.31% in October, around a tenth firmer than the 3.7% expected. This equates to a 1.02% M/M sequential decrease (+0.63% prior; -1.1% cons). The headline increase was driven by energy and core goods - core HICP increased to 3.66% from 3.34% in October.

  • On services, the Y/Y print came in higher again after decelerating in the last two months, at 5.18% in MM (vs 5.10% prior).
  • Non-energy industrial goods meanwhile printed its highest value since November 2023 and came in at +1.31% Y/Y (0.54% prior).
  • Inflation in the food, alcohol and tobacco category increased to 6.13% Y/Y (vs 5.91% prior).
  • Energy deflation was less pronounced than before, in line with developments in other Eurozone countries, at -0.12% (-2.75% prior), also sequentially, the category saw an incline of 1.81% M/M.
  • The national CPI meanwhile ticked up to 4.0% Y/Y (vs 4.0% cons; 3.5% prior).
  • For reference, Netherlands represents 5.7% of the overall 2024 Eurozone HICP basket.
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Dutch flash HICP inflation rose to 3.81% in November, up from 3.31% in October, around a tenth firmer than the 3.7% expected. This equates to a 1.02% M/M sequential decrease (+0.63% prior; -1.1% cons). The headline increase was driven by energy and core goods - core HICP increased to 3.66% from 3.34% in October.

  • On services, the Y/Y print came in higher again after decelerating in the last two months, at 5.18% in MM (vs 5.10% prior).
  • Non-energy industrial goods meanwhile printed its highest value since November 2023 and came in at +1.31% Y/Y (0.54% prior).
  • Inflation in the food, alcohol and tobacco category increased to 6.13% Y/Y (vs 5.91% prior).
  • Energy deflation was less pronounced than before, in line with developments in other Eurozone countries, at -0.12% (-2.75% prior), also sequentially, the category saw an incline of 1.81% M/M.
  • The national CPI meanwhile ticked up to 4.0% Y/Y (vs 4.0% cons; 3.5% prior).
  • For reference, Netherlands represents 5.7% of the overall 2024 Eurozone HICP basket.