Harmonised index of consumer prices - monthly data
methods, notes and classification
DATA_DESCR Harmonized indices of consumer prices (HICPs) give comparable measures of inflation for the countries and country groups they are produced. They are economic indicators that measure the change over time of the prices of consumer goods and services acquired by households. In other words they are a set of consumer price indices (CPIs) calculated according to a harmonised approach and a single set of definitions. In particular, HICPs provide the official measure of consumer price inflation in the euro area for the purposes of monetary policy and the assessment of inflation convergence as required under the Maastricht criteria. HICPs are available for all EU Member States, Iceland, Norway and Switzerland. In addition to the individual country series there are three key country-group aggregate indices: the Monetary Union index of consumer prices (MUICP) covering the euro area countries, the European index of consumer prices (EICP) including all Member States, and the European Economic Area index of consumer prices (EEAICP), which in addition to the EU also covers Iceland and Norway. The official country-group aggregates reflect the evolution of Economic and monetary union, the EU and the EEA. New Member States are chained into the index at the time of accession. In addition to these official aggregates, Eurostat computes also country aggregates with stable composition over time. For example, the aggregate 'EU-27' shows price indices covering all current 27 Member States since 1997. There are also interim HICPs for candidate countries; Croatia and Turkey. It is expected that once those countries accede to the EU their HICPs will be fully comparable with those of the existing Member States. For USA only all-items proxy-HICP is available. The national HICPs are produced by National Statistical Institutes, while the country-group aggregates are produced by Eurostat. The data that is released monthly on Eurostat's free dissemination database include price indices themselves as well as their rates of change as monthly, annual and 12-month moving average changes. In addition to the headline figure, the all-items HICP, around one hundred sub-indices for different goods and services and over thirty special aggregates are made available. The relative weights for the indices, including the special aggregates, are also published for the individual countries and for the country groups. An early estimate of the inflation rate for the euro area is published in a news release monthly, usually on the last working day of the reference month. It is called a Flash estimate. á á
CLASS_SYSTEM The HICPs are classified according to the four-digit categories and sub-categories of the COICOP/HICP (Classification of individual consumption by purpose adapted to the needs of HICPs). There are also a set of special aggregates, which combine indices in a different way than the standard COICOP. Main COICOP headings: 00. All items (global index) 01. Food02. Alcohol and tobacco03. Clothing04. Housing05. Household equipment06. Health07. Transport08. Communications09. Recreation and culture10. Education11. Hotels and restaurants12. Miscellaneous Examples of special aggregates:- Energy - Food, alcohol and tobacco - All items excluding energy - All items excluding energy, food, alcohol and tobacco
STAT_CONC_DEF The published data is as follows: Monthly data:- Indices (HICP 2005=100)- Monthly rates of change
STAT_UNIT Each published index or rate of change refers to the 'final monetary consumption expenditure' of the whole household sector of the corresponding geographical entity.
STAT_POP The target statistical universe is the 'household final monetary consumption expenditure' (HFMCE) within the economic territories of the countries compiling the HICP. The household sector to which the definition refers includes all individuals or groups of individuals irrespective of, in particular, the type of area in which they live, their position in the income distribution and their nationality or residence status. These definitions follow the national account concepts in the European System of Accounts (ESA 1995). HICPs comprise all products and services purchased in monetary transactions by households within the territory of a country; those by both resident and non-resident households (i.e. 'domestic concept').
REF_AREA European Union (EU), euro area (European Monetary Union), European Economic Area (EEA), EU Member States, Iceland, Norway Switzerland, Croatia, Turkey and the USA.
BASE_PER HICPs are produced and published using a common index reference period (2005=100).
UNIT_MEASURE Following units are used: Index (unitless, however, the HICP can be thought of as the amount the average consumer would have to spend in a given year to buy the same basic goods and services that one would have to pay 100 monetary units for in the base period.) Percentage change on the same period of the previous year (rates) Percentage change on the previous month (rates).
Methods 
Explanatory Notes 
Variables