Harmonized index of consumer prices
The harmonized consumer price index ( HICP , English Harmonized Index of Consumer Prices , HICP ), is in the European Union raised by the national statistical offices and calculated by Eurostat consumer price index , which is far EU-wide rules to be calculated. The HICP is the key figure used to measure price level developments in the European Economic and Monetary Union (EMU).
Calculation basis
The calculation of an HICP is necessary because the national consumer price indices differ due to historical peculiarities, different social framework conditions and the different structure of the statistical systems. In addition to the national consumer price indices, national HICPs are therefore also calculated in the EMU countries (in Germany by the Federal Statistical Office since 1997). The Statistical Office of the EU (Eurostat) monitors compliance with the rules for determining national HICPs and, on this basis, calculates consumer price indices for the euro zone, the EU and the European Economic Area as a whole.
The monthly values for the HICP are published by Eurostat three weeks after the end of the month. The conception of the HICP tries to take into account the measurement errors described above. The regulations with which the European Commission aims to improve the traditional inflation measurement of the Laspeyres price index in the future include B .:
- Checking the selection of goods : If a good is of market importance in one EMU country, the other countries must also check whether it is included in the shopping cart.
- the review of the quality of goods and their weights during the term of the index: This exerts significant pressure towards an almost annual review of the index.