Three countries greece, ireland and cyprus have more than 40% of their hicp basket in deflation, while eight more countries have had negative inflation on more than 25% of the basket. This it defines as an annual hicp inflation rate of below 2% over the medium term. The hicp regulations are obligatory in every eu member state. Hicp overall index title complement euro area changing composition hicp overall index, annual rate of change, eurostat, neither seasonally nor working day adjusted unit. Subindices published by eurostat are based on this classification. First, expected utility theory has come to dominate macroeconomic modelling even though its foundations are fragile when analyzing behavior in the presence of large, oneoff macroeconomic shocks. The european union statistics on income and living conditions and the information society survey will be integrated into the microcensus as an addition to the core programme and the labour force survey of the european union. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. The european hicp aggregates are calculated as the weighted average of the national hicps, using the weights of the countries and subindices concerned. In addition to the eu hicps, an additional hicp aggregate index for the european economic area eea is calculated. Is there any data you would like to find on the portal. The hicp was created specially in order to be able to compare european inflation figures.
The hicp for the euro area is the key indicator of price stability recognised by the european central bank and the european system of central. The figures are shown as a percentage of the expenditures covered by the overall hicp. Thirdly, eurostat hopes that the guide will give users some insight into the complexity of using scanner data for the hicp and the issues involved. In general, the cutoff date for the statistics included in the pocket book is the day preceding the governing council of the ecbs. Evolving composition the evolving euro area hicp covers those eu member states whose currency was the euro during the time period to which the data relate when a country joins the euro area, the national hicp for that country is included in the euro area hicp using a chain index formula fixed composition. The hicp is used to compare inflation rates across the european union. Experimental hicpbased estimates of administered prices. The ecb uses the harmonised index of consumer prices hicp, constructed by eurostat as the basis of monetary policy decisions, and as observed in hill 2004, the aggregation involved to produce this series is temporally consistent, but not spatially consistent.
Graph and download economic data for harmonized index of consumer prices. Polands harmonised index of consumer prices hicp grew by 2. Hicp overall index title complement bulgaria hicp overall index, monthly index, eurostat, neither seasonally nor working day adjusted unit 2015 100 dataset. Hicp practical guide for processing supermarket scanner data. The common classification for harmonized indices of consumer prices is the coicop classification of individual consumption by purpose. Euro area changing composition hicp overall index, annual rate of change, eurostat, neither seasonally nor working day adjusted indices of consumer prices. They are published monthly, usually on the last working day of the reference month, and disseminated in a news release, in the database and in a statistics explained article. It is a consumer price index which is compiled according to a methodology that has been harmonised across eu countries. The harmonised index of consumer prices hicp is calculated according to rules specified in a series of european union regulations that were developed by the eu statistical office eurostat in conjunction with the eu member states. The harmonised index of consumer prices hicp is an indicator of inflation and price stability for the european central bank ecb. Harmonised indices of consumer prices hicp are designed for international comparisons of consumer price inflation.
Hicp total this table shows household expenditure weights used by the harmonised index of consumer prices hicp for the euro area and the euro area countries. The national institute of statistics and economic studies collects, analyses. They give a comparable measure of inflation as they are calculated according to harmonised definitions. A version of this classification coicophicp has been specially adapted for the hicp. The monthly publication of changes in prices of consumer goods and services. The harmonized indices of consumer prices hicp dedicated section provides access to a full range of hicp information.
It measures the change over time in the prices of consumer goods and services acquired, used or paid for by euro area housholds. There is no doubt that rapid estimates can constitute a very useful component of the information provided by traditional sources such as of. The hicp is calculated on the base of harmonized methodology, elaborated by eurostat. Eurostat taux inflation zone euro linkedin slideshare. It gathers together in one place the explanations, reference documents and data already available on eurostats website and will be progressively extended to give further information on key projects, methods and data. Measuring inflation the harmonised index of consumer prices hicp in the euro area, consumer price inflation is measured by the harmonised index of consumer prices hicp. The new prospectus regime on 21 july 2019, the new eu prospectus regulation, along with the new luxembourg prospectus act, fully entered into force. Eu changing composition hicp hospital services, monthly index, eurostat, neither seasonally nor working day adjusted indices of consumer prices. Distributed by public, unedited and unaltered, on 17 january 2019 12. Harmonised inflation europe 2019 hicp inflation europe 2019. Harmonized indices of consumer prices hicps are designed for international comparisons of consumer price inflation. Hicp methodological manual european commission europa eu. The hicp is also used in assessing whether a country is ready to join the euro area. The hicp is produced by eurostat, the statistical office of the european union, together with the national statistical institutes.
Les tableaux relatifs a lipch comprennent les donnees suivantes, pour les 12 derniers mois. Second, the onesector framework leads policymakers to focus exclusively on the level of aggregate demand rather than on its composition. It measures the average change over time in the prices paid by households for a basket of consumer goods and services. This statistic shows the monthly inflation rate for hicp all items compared to the same period in the previous year in the european union 28 from january to december 2018. First, to introduce the reader to some simple basic economic concepts used in financial analysis and project evaluation, and second to bring together in a new analytical framework, significant pieces of information from recently published research findings on the economics of kenaf production.
Euro area changing composition hicp overall index, annual average rate of change, eurostat, neither seasonally nor working day adjusted. The hicp is compiled by eurostat and the national statistical institutes in accordance with harmonised statistical methods. Consumer price indices are calculated using a chained laspeyres formula, in which the basket of products. Financial integration and the construction of historical. Hicp ppp producer price index household expenditure retail prices external trade external trade trade in goods trade in services trade in goods and services public finance. Inflation targeting has led to a close interface between these two sets of institutions. Hicp methodology statistics explained european commission. It gathers together in one place the explanations, reference documents and data already available on eurostat s website and will be progressively extended to give further information on key projects, methods and data. Harmonised inflation europe 2019 hicp the inflation chart and table below feature an overview of the european harmonised inflation in 2019.
Rapid estimates can contribute to improving timeliness of macroeconomic variables but also to provide anticipation of. A few nsis have been using supermarket scanner data for many years, and methods have emerged that provide reliable indices for supermarkets. Major household appliances whether electric or not and small electric household appliances for european union eu61972, eu91980, eu101985, eu121994, eu152004, eu252006, eu2720, eu28. This book brings together the experience of central banks and national statistical agencies in countries that focus their monetary policy on inflation targets. The new version adapted the list and the composition of the hicp. Harmonised index of consumer prices hicp, eu, from jan 1996 to dec 2019. The commission and the european central bank ecb use the hicp in their assessment of price stability in the member states under article 140 of the treaty on the functioning of the european union tfeu. Hicp is calculated according to uniform eurostat methodology. Harmonized indices of consumer prices hicps statistics. Hicps are used for the assessment of the inflation convergence criterion as required under article 121 of the treaty of amsterdam and by the ecb for assessing price stability for monetary policy purposes. Harmonised indices of consumer prices hicps are designed for international comparisons of consumer price inflation. Disparities between gus and eurostat data are a result of the application of different calculation methods. The harmonised index of consumer prices hicp, calculated according to the eu regulations in force, is used for the comparison of inflation between member states and as a key indicator for the monetary policy of the european central bank. This annex outlines the aims and history of the hicps, summarizes the most.
Data is available on a monthly and annual basis, broken down by detailed consumption categories. Sample includes all individuals in the survey 16 years and older. Eurostat european statistical office is a directorategeneral of the european commission located in the kirchberg quarter of luxembourg city, luxembourg. The harmonised indices of consumer prices hicp measure the changes over time in the prices of consumer goods and services acquired by households.
Its main responsibilities are to provide statistical information to the institutions of the european union eu and to promote the harmonisation of statistical methods across its member states and candidates for accession as well as efta. In november 2019, compared with october 2019, industrial producer prices rose by 0. Shifting determinants of health inequalities in unstable. Current harmonised inflation europe hicp this page features an overview of current harmonised european inflation. Hicp is used for example by the european central bank for monitoring of inflation in the economic and monetary union and for the assessment of inflation convergence as required under article 121 of the treaty of amsterdam. Germany, belgium and austria are the only countries where less than 20% of the hicp basket is in deflation figure 2, see also table 1 at the end. This inflation figure shows the change in price of a standard package of goods and services which european households purchase for consumption.
The microcensus is the largest periodic official household survey in germany. The euro area hicp is a weighted average of price indices of member states who have adopted the euro. The harmonised inflation rate is based upon the harmonised consumer price index hicp, published by eurostat to compare inflation in. This paper provides an estimate of the measurement bias in the harmonised index of consumer prices hicp that the. In all member countries of the european union these indices are compiled in a similar way, so that price changes in the various countries can be compared.
The cpi came into existence in the late 1990s, and is identical to the harmonised index of consumer prices hicp which is produced for eurostat according to european regulations. Hicpct only materialises if it is compared with the hicp e. Mifid iimifir luxse has adjusted its internal framework to ensure that it complies with the new mifid iimifir framework, entering into. It replaced the retail price index rpi as the headline measure of inflation in 2003. Bulgaria hicp overall index, monthly index, eurostat. Regulation eu 2016792 of the european parliament and of the council of 11 may 2016 on harmonised indices of consumer prices and the house price index, and repealing council regulation ec no 249495 j l 5, 24. For analytical purposes eurostat also computes countrygroup aggregates with stable country composition over time. The ecb defines price stability on the basis of the annual rate of change. According to polands central statistical office gus, the consumer price index stood at 1. The hicp harmonized index of consumer prices measures the general relative change in level of prices of goods and services used by households for final consumption in the territory of bulgaria. Veuillez cliquer sur lun des titres cidessous pour obtenir plus dinformations. It looks like you are visiting our website from within the u. Balance of payments statistics ecb eurostat % change 5 years in export market shares measured in values balance of payments statistics eurostat % change 3 years in nominal unit labour costs national accounts eurostat % change 3 years of real effective exchange rates with hicp cpi deflators relative to 35 other industrial countries. Eurostat publishes early estimates, called hicp flash estimates, of the euro area overall inflation rate and selected components.
Hicp 2015 100 annual data average index and rate of. A each eu27 member state,a acceding, candidate and. Hicp allitems excluding energy and food title complement euro area changing composition hicp allitems excluding energy and food, annual rate of change. In february 2020 the month before covid19 containment measures began to be widely introduced by member states compared with january 2020, seasonally adjusted production in the construction sector fell by 1. The hicp expenditure weights are updated on an annual basis. The harmonised index of consumer prices hicp is designed to measure inflation in a harmonised manner across member states. The harmonised index of consumer prices hicp is calculated according to rules specified in a series of european union regulations that were developed by eurostat in conjunction with the eu member states.
Annual average rate of change in harmonized indices of. The hicp inflation series starts from 1991, but crosscountry aggregation for. Consumer price inflation includes all 3 indices cpih, cpi. The swiss hicp is published as from 2008 according to the legislation of the eu and enhances the portfolio of economic indices available in switzerland.
When the performance of a central bank is measured in terms of specified price indices, which are usually compiled and disseminated by the national. Harmonized indices of consumer prices hicp fred st. Income refers to yearly household equivalised income, in euros, deflated using the harmonised index of consumer prices, base year 2015. Current harmonised inflation europe hicp inflation europe. Hicp all items annual average indices hicp all items. All items for euro area 19 countries cp0000ez19m086nest from jan 1996 to mar 2020 about harmonized, euro area, europe, all items, cpi, price index, price, and indexes. Eurostat, on behalf of the commission, undertakes an ongoing compliance monitoring programme to evaluate compliance with the hicp regulations. Annual detailed data by prodcom list according to nace rev. Eurostat european union statistical office published this content on 17 january 2019 and is solely responsible for the information contained herein. The rpi as it exists today is very different from the first official consumer price index produced in 1914. The hicp aggregates for the ea, the eu and the eea are calculated by eurostat using the hicps and other inputs provided by the member states. Hicpeurostat the european statistical office eurostat publishes every month the results of all participating countries.
The hicpbased estimates of administered prices can only be a supplementary tool for economic analysis and are not intended to replace a detailed analysis of single price changes in the hicp and their causes. The securities mentioned on this website are not being offered, and will not be sold, within the united states or to, or for the account or benefit of, any u. Harmonised index of consumer prices hicp methodological manual 2018 edition. Harmonized index of consumer prices hicp, methodology. The securities mentioned on this website are not being offered, and will not be sold, within the united. Annex 1 harmonized indices of consumer prices european union 1 introduction the harmonized indices of consumer prices hicps are a set of european union consumer price indices cpis calculated according to a harmonized approach and a single set of definitions. Variation en pourcentage par rapport au mois precedent m. Hicp 2015 100 annual data average index and rate of change. Active people include individuals who defined themselves as being employed, in training or studying, or fulfilling domestic tasks. Harmonised index of consumer prices hicp, european union. The harmonised inflation rate is based upon the harmonised consumer price index hicp, published by eurostat to compare inflation in european countries. This inflation figure shows the change in price of a standard package of goods and services which german households purchase for consumption.
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