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Dutch inflation rate in December hits historic low

Xinhua, January 8, 2015 Adjust font size:

The Dutch inflation in December fell to its lowest level in more than five years and the level of 2014 was the lowest in 25 years, the Dutch Central Bureau of Statistics (CBS) announced on Thursday.

According to the CBS Dutch inflation dropped to 0.7 percent in December 2014, the lowest level since October 2009, when it also was 0.7 percent. In November last year the inflation was 1 percent.

The falling car fuel prices caused a decrease of the price levels. Gasoline cost an average of 1.55 euros (1.82 U.S. dollars) per liter in December, which is 14 euro cents cheaper than one year ago. In addition, the food prices had a downward effect on inflation.

The highest Dutch inflation percentage of the last ten years was measured in July and August 2008, both 3.2 percent, and the lowest was recorded in July 2009, 0.2 percent.

The average inflation rate in the Netherlands in 2014 was 1 percent, which is the lowest level in 25 years. In 2013, inflation was 2.5 percent, while in 1988 the average inflation rate was only 0.7 percent.

Inflation in 2014 was pushed heavily downwards by the fall in prices of gas, electricity and motor fuels.

The increase in house rent contributed most to inflation in 2014. The average rents were more than 4 percent higher than in 2013. Tax increases also contributed to inflation. Without the rental and tax increase inflation would have been -0.1 percent, according to the CBS.

To compare inflation between EU countries, the CBS uses the Harmonized Index of Consumer Prices (HICP). An important difference with the Dutch inflation method is that the HICP does not take into account the costs of home ownership.

Dutch inflation according to the HICP fell in December to -0.1 percent. Eurostat on Wednesday already announced that inflation in the euro zone was -0.2 percent in December 2014, which is 0.5 percentage points lower than in November.

According to the HICP Dutch inflation in 2014 amounted on average to 0.3 percent, the lowest rate since the start of the HICP in 1997. The inflation in the euro zone in 2014 was 0.4 percent, the lowest rate since 2009. Enditem