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Financial News: Dutch Inflation Confirmed At 5-Month High, Household Consu

Dutch Inflation Confirmed At 5-Month High, Household Consumption Rises Slowly

07/09/2024 - 03:06:00 (RTTNews)

(RTTNews) - Dutch inflation accelerated to the highest level in five months, as initially estimated in June, the latest data from the Central Bureau of Statistics showed on Tuesday.

Separate official data showed that household consumption increased at the weakest pace in three months.

Consumer prices logged an annual increase of 3.2 percent in June, faster than May's stable rise of 2.7 percent. That was in line with the flash data published on July 2.

Further, a similar rate of growth was last seen in January. 

Inflation based on the Harmonized Index of Consumer Prices, or HICP, also rose to 3.4 percent from 2.7 percent in May, as estimated.

The price development of tobacco caused a rise in inflation due to the effect of an increase in excise duty, the agency said. Prices for clothing were 1.3 percent more expensive in June, while costs were 3.9 percent cheaper in May.

Another piece of official data showed that household consumption increased at a slower pace of 0.2 percent monthly in May versus a 0.6 percent rise in April. Consumers mainly bought more services and durable goods, such as clothing.

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