Harmonised Index of Consumer Prices (HICP)

The harmonised index of consumer prices (HICP) is an indicator constructed to compare the inflation rates of European Union Member States. The indicator is calculated using a common methodology across all Member States. HICP data are also used by the European Central Bank to conduct its monetary policy. Moreover, HICPs are used to monitor compliance with the inflation criterion of the Treaty on the European Union.

HICPs are calculated by Member States of the European Union, of the European Economic Area and candidate countries. Eurostat calculates the HICP for the euro area (as well as for the European Union as a whole) using the harmonised index of Member States.

In addition to these HICP data, the HICP at constant tax rates is also available on the page containing the index and inflation rates for the last two years. The HICP at constant tax rates follows the same methodology as the HICP, but is based on prices at constant tax rates. This indicator shows the potential impact of changes in indirect taxes (e.g. VAT and excise duties) on inflation.

It has to be emphasised that the HICP-CT only provides a potential indication as it is based on an instantaneous pass-through of tax rate changes on the price paid by the consumer.

July 2017

The harmonised index of consumer prices (HICP) annual inflation rate stands at 1.8% in July, compared to 1.5% in June.

Eurostat will publish the harmonised index of consumer prices for July for the euro area on the 17th of August 2017.

Harmonised index of consumer prices - July 2017 (HICP) (PDF, 205.78 Kb)


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Inflation calculated based on harmonised index of consumer prices by group of products and services, last 12 months

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