Dutch Inflation Edges Higher on Second Round Energy Effects

Dutch HICP inflation surged to 3.4% in May 2026, driven by a spike in services and energy costs. The reversal in core inflation trends suggests that second-round effects from higher energy prices are now materializing across the economy.

Key Takeaways

• 1.Headline inflation (HICP) in the Netherlands jumped to 3.4% YoY in May, up from 2.5% in April, signaling the start of second-round energy price effects.
• 2.Services inflation reached a high of 5.2%, reversing a six-month downward trend and becoming a primary driver of headline inflation.
• 3.Energy and fuel inflation accelerated to 10.1%, with further increases expected as fixed-price household contracts reset in July and October.

Table of Contents

• Dutch inflation edges higher on second-round energy effects
• Services also to blame
• High numbers aren't everywhere yet
• Author
• Disclaimer

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