Harmonized index of consumer prices

 

The HICP is a consumer price index which is compiled in a uniform way across all Member States of the EU by using a representative basket of goods and services to determine average price changes over time. While many countries (including Austria) continue to calculate and publish also a national consumer price index, the HICP is the measure commonly used to quantify inflation at the EU and euro area level. The HICP is the key inflation measure for Eurosystem monetary policy making: as laid down by the Governing Council of the ECB, the Eurosystem seeks to keep the annual HICP increase below, but close to, 2% with a view to maintaining price stability over the medium term.