Inflation in May was 6.1%, reports Statistics Netherlands on the basis of a so-called flash estimate based on incomplete source data. Inflation rose mainly because energy prices fell less sharply last month than in April. Food, beverage and tobacco prices rose again, albeit at a slower pace than in April. The prices of industrial goods also increased.
An inflation rate of 6.1% in May 2023 means that prices of consumer products are 6.1% higher than in May 2022. The inflation rate of 6.1% in May is therefore no higher than the rate of inflation of 5.2% in April.
In the flash estimate, Statistics Netherlands publishes price developments for a number of product groups as well as the inflation figure. These product groups are made up of spending categories on a specific theme, such as all services. The price development of all categories of the CPI will be published on June 6th.
New method for calculating energy prices
Starting with the baseline month of June 2023, the quick estimate of which was published today, Statistics Netherlands will use a new method to measure energy prices in the CPI. In the current method, price development is measured on the basis of new contracts. The new method uses transaction data from energy suppliers. In this way, the tariffs of long-term energy contracts can also be taken into account.
Source: BNR
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