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EUROPEAN INFLATION: Dutch HICP Decelerates But Less So Than Expected

EUROPEAN INFLATION
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MNI (LONDON) - Dutch flash HICP inflation fell to 3.33% in August, down from +3.47% in July, but remained firmer than the +3.1% expected. This equates to a +0.37% sequential increase (+1.26% July). The headline drop was energy-driven, though, as core HICP accelerated to 3.51% from 3.41% in July on the back of firmer services.

  • Specifically, on services, the Y/Y print accelerated for the fourth consecutive time, coming in at 6.11% in August (vs 5.76% July), its highest value since August 2023.
  • Non-energy industrial goods meanwhile continued printing in deflationary territory, printing -0.95% Y/Y (vs -0.69% July).
  • Inflation in the food, alcohol and tobacco category increased to 5.55% Y/Y (vs 5.34% July).
  • Energy inflation dropped to -3.25% Y/Y, mostly on the back of base effects, but also sequentially, the category saw a 1.04% price decline.
  • The national CPI meanwhile ticked down to to 3.6% Y/Y (vs 3.7% July, 3.4% consensus).
  • For reference, Netherlands represents 5.7% of the overall 2024 Eurozone HICP basket.
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MNI (LONDON) - Dutch flash HICP inflation fell to 3.33% in August, down from +3.47% in July, but remained firmer than the +3.1% expected. This equates to a +0.37% sequential increase (+1.26% July). The headline drop was energy-driven, though, as core HICP accelerated to 3.51% from 3.41% in July on the back of firmer services.

  • Specifically, on services, the Y/Y print accelerated for the fourth consecutive time, coming in at 6.11% in August (vs 5.76% July), its highest value since August 2023.
  • Non-energy industrial goods meanwhile continued printing in deflationary territory, printing -0.95% Y/Y (vs -0.69% July).
  • Inflation in the food, alcohol and tobacco category increased to 5.55% Y/Y (vs 5.34% July).
  • Energy inflation dropped to -3.25% Y/Y, mostly on the back of base effects, but also sequentially, the category saw a 1.04% price decline.
  • The national CPI meanwhile ticked down to to 3.6% Y/Y (vs 3.7% July, 3.4% consensus).
  • For reference, Netherlands represents 5.7% of the overall 2024 Eurozone HICP basket.