Report published September 1, 2026
Inflation Falls in the Netherlands, but Only for Now: ING Economic Update
Source and citation context
- Issuer
- ING
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Marcel Klok
Finvaulta summarizes ING's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Dutch headline inflation slowed to 2.8% year-on-year in August as services eased and food inflation turned negative. However, surging energy prices and rising global agricultural commodity costs signal that inflation is likely to reaccelerate above 3.5% by late 2026 or early 2027.
Key Takeaways
- 1.Dutch headline inflation fell to 2.8% year-on-year in August, driven by a slowdown in services inflation and negative food inflation.
- 2.Energy and fuel inflation accelerated into double digits to 11.8% year-on-year in August, which will continue to exert upward pressure as fixed household contracts expire.
- 3.Rising global agricultural prices and geopolitical tensions indicate headline inflation is likely to reaccelerate towards or above 3.5% by late 2026 or early 2027.
Table of Contents
- Inflation falls in the Netherlands, but only for now
- Author
- Disclaimer
Report data
Dutch headline inflation slowed in August but double-digit energy inflation signals renewed price pressure ahead
| Metric | Estimate | Context |
|---|---|---|
| Dutch Headline HICP Inflation | 2.8% | Fell year-on-year in August |
| Dutch Services Inflation | 3.4% | Fell from 4.0% YoY in July to 3.4% in August; contributed 1.6% to headline HICP |
| Food, Beverage, Alcohol, and Tobacco Inflation | -0.5% | Fell from 0.0% YoY in July to -0.5% in August |
| Dutch Core Inflation | 2.7% | Fell from 3.0% YoY in July to 2.7% in August |
| Energy and Fuels Inflation | 11.8% | Accelerated from 9.7% YoY in July to 11.8% in August |
Reports in this series
Snap is shown in chronological order through this edition, published on September 1, 2026.
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Looking for the latest edition? ING Think why we think that the low hungarian inflation wont lead to an immediate rate cut (Sep 8, 2026)
- Aug 17ING Think construction pricing heat up in czechia
- Aug 25ING Think german ifo index aug26
- Aug 26ING Think us spending stalls as inflation makes slow progress towards target
- Aug 27ING Think bsp stays hawkish as inflation risks remain elevated
- Aug 27ING Think eurozone bank lending growth accelerated in july
- Aug 27ING Think ecb prepares markets for september rate hike
- Aug 28ING Think warshs hawkish words pivots the curve flatter
- Aug 28ING Think strong jump in eurozone sentiment in august
- Aug 28ING Think italian confidence data improves further in august
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Authors / Editors
Reported Data Context
- Dutch Headline HICP Inflation: 2.8 % (August 2026)
- Dutch Services Inflation: 3.4 % (August 2026)
- Food, Beverage, Alcohol, and Tobacco Inflation: -0.5 % (August 2026)
- Dutch Core Inflation: 2.7 % (August 2026)
- Energy and Fuels Inflation: 11.8 % (August 2026)
Themes
Regions
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