5.1.1 Statistical presentation

Short description

Consumer Price Indices (CPIs) are economic indicators constructed to measure the changes over time in the prices of consumer goods and services acquired, used or paid for by households.

Harmonized Indices of Consumer Prices (HICPs) are designed for international comparisons of consumer price inflation. They are used in the assessment of inflation convergence as required under Article 121 of the Treaty of Amsterdam (Article 109j of the Treaty on European Union).

The coverage of the HICPs is defined in terms of ‘household final monetary consumption expenditure’, by reference to the national accounts concepts of the European System of Accounts (ESA 1995). Expenditures are classified according to the COICOP/HICP (Classification Of Individual Consumption by Purpose adapted to the needs of HICPs) available from the RAMON

database of classifications (access from Eurostat’s home page).

The following indices are available from Eurostat:

a) the all-items HICPs for all Member States plus Norway and Iceland;
b) the Monetary Union Index of Consumer Prices (MUICP) for the Euro area
c) the European Index of Consumer Prices (EICP) for EU 15/EU25 (taking account of the accession of the new Member States per 1.5.2004);
d) EU15 (to be continued until the end of 2005) and EU25;
e) the European Economic Area index of consumer prices (EEAICP) for EEA;
f ) about 100 sub-indices for all Member States plus Norway and Iceland, with corresponding weights and weighted averages;
g) indices for Special Aggregates such as goods, services, energy, excluding tobacco etc.

Each Member State (MS) has its own HICP and at European level there are aggregate indices with different geographical coverage. The Monetary Union Index of Consumer Prices (MUICP) has the narrowest coverage of only Euro area countries. The European Economic Area Index of Consumer Prices (EEAICP) has the widest coverage of all 25 MSs plus Iceland and Norway. The European Index of Consumer Prices (EICP) measures the annual inflation in the EU. A Flash estimate estimating the inflation rate for the Euro area is released at the end of every month.

Metadata in SDDS format are also available on Eurostat website at: http://europa.eu.int/estatref/info/sdds/en/prc/prc_hicp_base.htm and
http://europa.eu.int/estatref/info/sdds/en/prc/prc_hicp_sm.htm#top

4.1.1 Periodicity

Harmonized consumer price indices are produced monthly.

The following compilations are available: harmonized monthly, annual and annual average indices and inflation rates for the European Monetary Union (EMU), the EU, the EEA and each of their MSs, by COICOP/HICP categories together with corresponding weights. A number of special aggregates are also calculated on a monthly basis.

4.1.2 Timeliness

5.1.3 Advance release calendar

The precise date of data release is disseminated on Eurostat website.

An Advance Release Calendar for the euro area data is also available on the DSBB.

5.1.4 Simultaneous release

0.1.1 Responsibility for collecting, processing, and disseminating statistics

Eurostat

Rules on statistical compilation

Council Regulation (EC) N° 322/97 of 17 February 1997 on Community Statistics (OJ N° L 52/1) sets the rules for General provisions, the Community statistical program and its implementation, Principles, Dissemination, Statistical confidentiality and Final provisions.

Price index: Consumer prices

Rules on statistical compilation

Art. 1 of Protocol No 21 that develops Article 121(1) of the Treaty of Amsterdam states that "inflation shall be measured by means of consumer price index on a comparable basis, taking into account differences in national definitions".

Council Regulation (EC) No 2494/95 of 23 October 1995 sets the legal basis for establishing a harmonized methodology for the compilation of the HICPs, the MUICP, the EICP and EEAICP.

Under this Regulation, the Commission has brought forward detailed Regulations establishing the specific rules governing the production of harmonized indices. To date, 16 specific regulations governing issues as quality of weights, transmission and dissemination of sub-indices, coverage of goods and services, geographical and population coverage, minimum standards for the treatment of tariffs, insurance, health, education and social protection services, timing of entering prices, treatment of price reductions, treatment of service charges, revisions policy, new index reference period and temporal coverage of price collection have been adopted.

All the regulations as well as further methodological details can be found following the links: Compendium of HICP reference documents, Council Commission Regulation No 1708/2005 of 19 October 2005 and Regulation (EC) No 701/2006 of 25 April 2006.

0.1.3 Confidentiality of individual reporters' data

Eurostat

1.2.2 Internal governmental access to statistics prior to release

1.2.3 Attribution of statistical products

4.3.1 Revision schedule

The HICPs are in principle open to revision, in particular when new or improved information becomes available (see Compendium of HICP reference documents and in particular Commission Regulation (EC) No 1921/2001 of 28/9/2001, OJ L 261/49)).

Monthly releases may include provisional data that is confirmed the following month. Further revision requires explanatory documentation by Member States.

Revision policy

The HICPs are in principle open to revision, in particular when new or improved information becomes available. Commission Regulation (EC) No 1921/2001 of 28 September 2001 lays down detailed rules for the implementation of Council Regulation (EC) No 2494/95 as regards minimum standards for revisions of the harmonized index of consumer prices and amends Regulation (EC) No 2602/2000.

Further details on Regulations: Compendium of HICP reference documents.

1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques.

5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques

Technical notes on HICP have been published in Eurostat News Releases and Memos:

·         Eurostat News Release 21/97 of 5 March 1997, "Harmonizing the way EU measures inflation";

·         Eurostat Memo 8/98, 4 May 1998, "New Monetary Union Index of Consumer prices (MUICP)";

·         Eurostat Memo 2/2000 of 18 February 2000, "Extended Coverage and Earlier Release Dates for the HICP".

·         Eurostat News Release 146/2005 of 16 November 2005, "New reference year 2005=100 for HICPs";

Further details:

·         HICP short guide for users

·         Compendium of HICP reference documents

For specific questions on HICP methodology, you can send an e-mail to our central mailbox on HICP methods.

5.2.2 Disseminated level of detail

Metadata in SDDS format are also available on Eurostat website at: http://europa.eu.int/estatref/info/sdds/en/prc/prc_hicp_base.htm and
http://europa.eu.int/estatref/info/sdds/en/prc/prc_hicp_sm.htm#top

4.2.2 Temporal consistency

Time coverage

HICPs with harmonized coverage and methodology have been published since March 1997. Interim indices based largely on existing national Consumer Price Indices are available back to 1996; these are adjusted to reduce differences in coverage of goods and services observed between national CPIs.

5.1.2 Dissemination media and format

Consumer price index data are disseminated through Eurostat’s website in several locations:

§         Eurostat's homepage/Special Topics/HICP/Data

§         Economy and Finance -> Prices

§         General statistics -> Euro-indicators

§         General statistics -> Structural indicators, General economic background

Recent monthly and annual series are also published in the monthly HICP "News Release" and the monthly "Statistics in Focus - Economy and Finance" publication, which includes annual inflation rates at two-digit COICOP/HICP level.