Harmonized Index of Consumer Prices
The Harmonized Index of Consumer Prices (HICP) is used to calculate the inflation rate for the EU and to ensure international comparability for the convergence criterion on price stability. While the HICP’s basic price data are equivalent to those of the Austrian CPI, the underlying concept is a different one (weighting by domestic private consumption). The index is broken down into 12 components according to COICOP (Classification of Individual Consumption by Purpose). The HICP is a Laspeyres chain index. The HICP basket of commodities and weights are expanded and updated continuously, and the index is subject to ongoing methodological improvements. Concept and procedures are governed by EU regulations.
Statistics Austria, Eurostat.
Consumer price, price, inflation.