|Unit||Index 2015=100, NSA|
|Adjustments||Not Seasonally Adjusted|
1. 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.
2. The HICP is used to compare inflation rates across the European Union. Since January 1999 the European Central Bank (ECB) has also used it as the measure of price stability across the Euro area. Indeed, the HICP was developed in the EU for the purpose of assessing whether prospective members of European Monetary Union would meet the inflation convergence criterion and then of acting as the measure of inflation used by the European Central Bank to assess price stability in the euro area. The main requirement therefore was for a measure that could be used to make reliable comparisons of inflation rates across EU Member States. Such comparisons are not possible using national consumer price indices due to differences in index coverage and construction.
1. The HICP uses National Accounts concepts of what constitutes household consumption in determining the index. It also uses National Accounts data to weight the items in the HICP basket. As a result, there is coherence between the HICP commodity coverage and National Accounts. HICP weights are based on the final consumption expenditure of all individuals in the domestic territory, including spending by private households, institutional households and foreign visitors. National Accounts have also influenced the classification of goods and services within this index.
2. Figures may not add up due to rounding.
1. The HICP is a chain index that is annually subject to review. Please note that the re-basing operation is conducted after rounding all past indices to one decimal place as required by Eurostat. Therefore, there might be slight differences when comparing this series with past data due to rounding.
2. The above mentioned index weighting scheme is updated annually in accordance with Commission Regulation (EU) No. 1114/2010.