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Proposed New Target Measure Of Inflation, European standard.
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Proposed New Target Measure Of Inflation European standard What is the harmonised index of consumer prices? The harmonised index of consumer prices (HICP) is an internationally comparable measure of inflation calculated by each Member State of the European Union. HICPs are used to compare inflation rates across the European Union. Since January 1999, they have been used by the European Central Bank as the target measure of inflation for the Member States of the Euro zone. Increasingly, HICPs are being used for indexing contracts, which cover more than one EU Member State. Why were they developed? National consumer price indices within Europe, such as the RPI, vary considerably in terms of their coverage of goods and services and in the rules underlying their construction. This can impact on the measured rates of inflation. In response to this, and as a requirement of the Maastricht Treaty, Euro stat - the statistical office of the European Union -...
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