Harmonized Index of Consumer Prices

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Harmonized Index of Consumer Prices

A measure of inflation used by the European Central Bank that considers what people spend on important goods and services. It is calculated by taking the average of changes in price to a basket of goods and services compiled by EU member states. The goods and services in the basket are weighted according to their perceived importance. The HICP is considered a primary tool in determining how people are experiencing inflation. The European Central Bank attempts to keep inflation as measured by the HICP a little bit below 2% in the medium term.
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References in periodicals archive ?
The harmonised index of consumer prices was rounded down from a previous estimate of 2.4 per cent.
The Harmonised Index of Consumer Prices, which is due to be adopted by the Bank of England for its new inflation target next month, remained unchanged at 1.4% in October against the previous month.
Giving evidence to the European Parliament's economic and monetary affairs committee, Europe's central banker said the Bank of England's present 2.5 per cent target measured by the retail price index, but not counting mortgage interest,would translate to about two per cent using the European harmonised index of consumer prices.
Germany's EU harmonised index of consumer prices rose 1.5% year-on-year, faster than the provisional 1.3% reported and the monthly reading was also higher than initially reported, at 0.3% versus 0.1%.
The Harmonised Index of Consumer Prices (HICP) in August declined by 0.6% year on year continuing deflationary pressures that began in December 2014, according to the Statistical Service, Cystat.
Using the EUs Harmonised Index of Consumer Prices or HICP, which is the European Central Banks inflation yardstick, the cost of living in Germany rose by 2.8 percent on a 12-month basis in October.
In June, the harmonised index of consumer prices (HICP) went down 0.4% in monthly terms, mainly pulled down by lower prices of electricity and clothes.
The harmonised index of consumer prices (HICP) for Austria stood at 109.63 points in May and the harmonised annualised inflation rate was 1.7%, after 1.8% in April and March.
The EU Harmonised Index of Consumer Prices, which is used as an EU-wide comparative measure, increased by 0.5 per cent in the month.
The Memorandum of Understanding confirms the prime responsibility of the Statistical Office of the European Communities (Eurostat) for general economic statistics comprising, inter alia, the harmonised index of consumer prices, data on output, production, labour markets, external trade and statistics related to the excessive deficit procedure, and the prime responsibility of the ECB for money, banking and financial markets statistics, comprising among other things balance sheets of financial institutions, interest rates, prices of financial assets and securities statistics.