According to the European Harmonised Index of Consumer Prices (HICP), inflation stood at 17.1 percent in September, as reported by Statistics Netherlands (CBS).
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It was 13.7 percent in August. This is an initial estimate, based on as yet incomplete source data. The regular figures, including inflation according to the Dutch Consumer Price Index (CPI), will be published on 6 October.
The 17.1-percent inflation rate in September 2022 means that prices of consumer products were 17.1 percent up on September 2021; this is not on top of the 13.7 percent inflation in August.
"It is terrible," Minister of Finance Sigrid Kaag reacted to national broadcaster NOS. "It is really extremely high."
Energy currently makes a significant contribution to overall inflation. The price development of energy is measured by CBS on the basis of new energy contracts. CBS has launched research into a new method to measure and calculate the energy prices as part of the HICP and CPI.
With this method, current developments in energy prices will be presented in a more refined manner. To do so, CBS uses data provided by energy companies. CBS released an update on the study in mid-September.
So far, the first, preliminary calculations have been carried out. These show that with the new method, the inflation rate is significantly lower than what is currently published.
At the moment, it is difficult to indicate exactly how much discrepancy exists between the old and the new method. CBS will use the period ahead to validate and check the results of these calculations.
Kaag said that the Dutch government had already presented a package of measures worth 17 billion euros (16.6 billion U.S. dollars) to preserve purchasing power for most households and that they are still working on an energy price cap.
"We also have to be careful that we don't spend all the money now or else we will have nothing left in the event of a recession," she said. "More intervention could actually fuel inflation. It's a balancing act that is being performed in many countries." ■