Dutch Inflation Falls Considerably in January

Dutch headline inflation dropped to 2.2% in January 2026, driven by cooling services and food prices. Despite a fuel tax hike and VAT increases on accommodation, inflation remains on a downward trajectory toward the 2% target.

Key Takeaways

• 1.Dutch headline inflation fell to 2.2% YoY in January from a revised 2.7% in December, marking the fourth consecutive monthly decline.
• 2.Services inflation deceleration (from 4.3% to 3.6%) was the primary driver of the drop, despite a significant VAT increase on accommodation.
• 3.Energy and fuel prices were the only category to accelerate, rising 0.4% YoY in January due to increased fuel excise duties.

Table of Contents

• Dutch inflation falls considerably in January
• Deceleration in services, food, and industrial goods
• Fuel tax causes acceleration
• Not bad and risk on both sides

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