Harmonised Index of Consumer Prices

The harmonized index of consumer prices (HICP ), Harmonised Index of Consumer frequently Prices ( HICP ) is a raised in the European Union consumer price index, which is calculated according to EU-wide rules. He is however not based on a EU - wide uniform shopping cart. The HICP is the key figure of the European Economic and Monetary Union ( EMU), the inflation performance is measured.

The calculation of the HICP is necessary because differences in national consumer price indices based on historical particularities, different social conditions and the different structure of the statistical systems. In addition to the national consumer price indices are also calculated national HICPs (since 1997 in Germany ), therefore in the EMU countries. The EU (Eurostat ) Statistical Office monitors compliance with the rules for determining the national HICPs and uses this to calculate consumer price indices for the EU and the European Economic Area as a whole.

The monthly values ​​for the HICP published by Eurostat are always three weeks after month end. The concept of the HICP tries to take into account the measurement error described above. Among the regulations by which the European Commission, the traditional measurement of inflation of the Laspeyres price index should be improved in the future include, for example:

• Checking the goods selection: Where a commodity in a country of the EMU to market importance, the other countries have to check the inclusion in the cart.
• Checking the quality of goods and their weights during the term of the Index: In order exerted a significant pressure towards an almost annual review of the index.

Overview of the European HICP ex tobacco