harmonized consumer price inflation rate

harmonized consumer price inflation rate

a measure of INFLATION compiled by each of the fifteen countries of the EUROPEAN UNION (EU) alongside national indices such as in the UK the RETAIL PRICE INDEX. Harmonized indices of consumer prices (HICPs) are calculated in order to provide a common basis for measuring inflation in the EU for comparative purposes.

harmonized consumer price inflation rate

a measure of INFLATION compiled by each of the 15 member countries of the EUROPEAN UNION (EU). Harmonized indices of consumer prices ( HICPs) are calculated in order to provide a common basis for measuring inflation in the EU for comparative purposes and, when it was first introduced, to indicate whether a member country was meeting the MAASTRICHT TREATY ‘convergence’ criterion of an inflation rate of no more than 3% per annum to qualify for membership of Economic and Monetary Union (EMU). The inflation ‘target’ is now 2% per annum (see EUROPEAN CENTRAL BANK). In

December 2003, the UK adopted the CONSUMER PRICE INDEX as the government's ‘official’ measure of inflation, thus bringing it into line with EU practice.

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