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The effects of the coronavirus on inflation in the Netherlands are two-fold, as it increased in both March and April 2020, but showed a small decline in May. This becomes apparent when looking at the CPI inflation on a month-to-month basis, and how much this changed during that time. May 2020 stands out when compared to the same month in previous years, as this month normally shows a small increase in CPI inflation. This changed in 2020, however, as it become one of the few month, outside of December or January, with a decline. In September of 2023, the inflation rate stood at -0.4 percent.

Percentage change on previous month in CPI inflation rate in the Netherlands from January 1996 to September 2023

Characteristic	Month-on-month CPI change
Sep 23*	-0.4%
Aug 23	0.4%
Jul 23	1%
Jun 23	-0.3%
May 23	0.2%
Apr 23	1%
Mar 23	0.2%
Feb 23	1%
Jan 23	-1.4%
Dec 22	0.5%
Nov 22	-3%
Oct 22	1.1%
Sep 22	2.4%
Aug 22	2%
Jul 22	2.1%
Jun 22	0%
May 22	-0.6%
Apr 22	0.3%
Mar 22	3.6%
Feb 22	0.6%
Jan 22	0.5%
Dec 21	0.7%
Nov 21	0.9%
Oct 21	1.3%
Sep 21	0.1%
Aug 21	0.4%
Jul 21	0.5%
Jun 21	0.2%
May 21	0.1%
Apr 21	0.5%
Mar 21	0.3%
Feb 21	0.9%
Jan 21	-0.2%
Dec 20	0.2%
Nov 20	-0.8%
Oct 20	0.5%
Sep 20	-0.2%
Aug 20	-0.5%
Jul 20	1.1%
Jun 20	0.3%
May 20	-0.1%
Apr 20	0.5%
Mar 20	0.2%
Feb 20	0.6%
Jan 20	-0.8%
Dec 19	0.1%
Nov 19	-0.4%
Oct 19	0.4%
Sep 19	-0.6%
Aug 19	0.4%
Jul 19	1%
Jun 19	-0.1%
May 19	-0.1%
Apr 19	0.7%
Mar 19	0.4%
Feb 19	0.9%
Jan 19	0.1%
Dec 18	-0.1%
Nov 18	-0.2%
Oct 18	0.4%
Sep 18	-0.4%
Aug 18	0.1%
Jul 18	1.1%
Jun 18	-0.3%
May 18	0.3%
Apr 18	0.6%
Mar 18	0.2%
Feb 18	0.5%
Jan 18	-0.1%
Dec 17	0%
Nov 17	-0.2%
Oct 17	0.1%
Sep 17	-0.2%
Aug 17	0.2%
Jul 17	0.7%
Jun 17	-0.3%
May 17	-0.3%
Apr 17	0.5%
Mar 17	0.3%
Feb 17	0.7%
Jan 17	-0.4%
Dec 16	0.2%
Nov 16	-0.3%
Oct 16	0.3%
Sep 16	-0.3%
Aug 16	0.1%
Jul 16	0.5%
Jun 16	-0.3%
May 16	0.2%
Apr 16	0.1%
Mar 16	1%
Feb 16	0.6%
Jan 16	-1%
Dec 15	-0.1%
Nov 15	-0.6%
Oct 15	-0.1%
Sep 15	-0.2%
Aug 15	-0.3%
Jul 15	0.8%
Jun 15	-0.4%
May 15	0.2%
Apr 15	0.6%
Mar 15	1.1%
Feb 15	0.6%
Jan 15	-0.9%
Dec 14	-0.2%
Nov 14	-0.6%
Oct 14	-0.1%
Sep 14	0%
Aug 14	-0.1%
Jul 14	0.8%
Jun 14	-0.3%
May 14	-0.3%
Apr 14	0.5%
Mar 14	0.8%
Feb 14	0.4%
Jan 14	-0.2%
Dec 13	0.1%
Nov 13	-0.5%
Oct 13	-0.3%
Sep 13	0.1%
Aug 13	-0.1%
Jul 13	0.8%
Jun 13	-0.4%
May 13	0%
Apr 13	0.1%
Mar 13	1.1%
Feb 13	0.8%
Jan 13	0%
Dec 12	-0.1%
Nov 12	-0.4%
Oct 12	0.6%
Sep 12	0.4%
Aug 12	0.1%
Jul 12	0.7%
Jun 12	-0.5%
May 12	-0.1%
Apr 12	0.4%
Mar 12	1.1%
Feb 12	0.8%
Jan 12	-0.1%
Dec 11	-0.3%
Nov 11	-0.3%
Oct 11	0%
Sep 11	0.4%
Aug 11	0.2%
Jul 11	0.5%
Jun 11	-0.5%
May 11	0.1%
Apr 11	0.5%
Mar 11	1.1%
Feb 11	0.8%
Jan 11	-0.1%
Dec 10	-0.2%
Nov 10	-0.1%
Oct 10	0.1%
Sep 10	0.6%
Aug 10	0.2%
Jul 10	-0.3%
Jun 10	-0.5%
May 10	0%
Apr 10	0.3%
Mar 10	1.2%
Feb 10	0.7%
Jan 10	0%
Dec 09	-0.6%
Nov 09	-0.1%
Oct 09	0.1%
Sep 09	0.5%
Aug 09	0.3%
Jul 09	-1.1%
Jun 09	-0.4%
May 09	0.1%
Apr 09	0.2%
Mar 09	1%
Feb 09	0.7%
Jan 09	0.3%
Dec 08	-0.7%
Nov 08	-0.4%
Oct 08	-0.2%
Sep 08	0.4%
Aug 08	0.2%
Jul 08	0.2%
Jun 08	-0.2%
May 08	0.4%
Apr 08	0.4%
Mar 08	1%
Feb 08	0.7%
Jan 08	0.3%
Dec 07	-0.4%
Nov 07	0.1%
Oct 07	0%
Sep 07	0.6%
Aug 07	0.2%
Jul 07	-0.5%
Jun 07	-0.4%
May 07	0.1%
Apr 07	0.5%
Mar 07	1.1%
Feb 07	0.5%
Jan 07	0.1%
Dec 06	-0.4%
Nov 06	-0.2%
Oct 06	-0.3%
Sep 06	0.4%
Aug 06	0.5%
Jul 06	-0.2%
Jun 06	-0.4%
May 06	0.1%
Apr 06	0.5%
Mar 06	0.8%
Feb 06	0.4%
Jan 06	-0.4%
Dec 05	-0.5%
Nov 05	-0.3%
Oct 05	-0.1%
Sep 05	0.9%
Aug 05	0.5%
Jul 05	-0.2%
Jun 05	-0.3%
May 05	-0.1%
Apr 05	0.2%
Mar 05	0.9%
Feb 05	0.6%
Jan 05	0.4%
Dec 04	-0.9%
Nov 04	-0.3%
Oct 04	0%
Sep 04	0.9%
Aug 04	0.3%
Jul 04	-0.1%
Jun 04	-0.6%
May 04	0.2%
Apr 04	0.3%
Mar 04	0.9%
Feb 04	0.4%
Jan 04	0%
Dec 03	-0.6%
Nov 03	-0.3%
Oct 03	-0.3%
Sep 03	1%
Aug 03	0.3%
Jul 03	0.1%
Jun 03	-0.5%
May 03	-0.1%
Apr 03	0.1%
Mar 03	1%
Feb 03	0.6%
Jan 03	0.3%
Dec 02	-0.3%
Nov 02	-0.3%
Oct 02	-0.2%
Sep 02	1.1%
Aug 02	0.3%
Jul 02	-0.1%
Jun 02	-0.3%
May 02	0%
Apr 02	0.5%
Mar 02	0.9%
Feb 02	0.5%
Jan 02	0.7%
Dec 01	-0.3%
Nov 01	-0.1%
Oct 01	-0.1%
Sep 01	1.2%
Aug 01	0.4%
Jul 01	-0.1%
Jun 01	-0.4%
May 01	0.3%
Apr 01	0.6%
Mar 01	0.9%
Feb 01	0.9%
Jan 01	0.9%
Dec 00	-0.6%
Nov 00	0%
Oct 00	0.2%
Sep 00	1.2%
Aug 00	0.4%
Jul 00	-0.3%
Jun 00	-0.1%
May 00	0.3%
Apr 00	0.2%
Mar 00	0.9%
Feb 00	0.6%
Jan 00	-0.2%
Dec 99	-0.3%
Nov 99	0.1%
Oct 99	0.1%
Sep 99	0.5%
Aug 99	0.5%
Jul 99	-0.1%
Jun 99	-0.4%
May 99	0%
Apr 99	0.2%
Mar 99	0.9%
Feb 99	0.5%
Jan 99	0.1%
Dec 98	-0.3%
Nov 98	0%
Oct 98	0.2%
Sep 98	0.8%
Aug 98	0%
Jul 98	0.2%
Jun 98	-0.4%
May 98	-0.1%
Apr 98	0.3%
Mar 98	0.8%
Feb 98	0.6%
Jan 98	-0.3%
Dec 97	-0.3%
Nov 97	0%
Oct 97	0.1%
Sep 97	0.9%
Aug 97	0.3%
Jul 97	0.3%
Jun 97	-0.5%
May 97	0.2%
Apr 97	0.1%
Mar 97	0.8%
Feb 97	0.2%
Jan 97	0.1%
Dec 96	-0.1%
Nov 96	-0.1%
Oct 96	0.2%
Sep 96	0.9%
Aug 96	-0.1%
Jul 96	0.2%
Jun 96	-0.4%
May 96	-0.2%
Apr 96	0.3%
Mar 96	0.9%
Feb 96	0.4%
Jan 96	0%