Glossary:Harmonised index of consumer prices (HICP)
The harmonised index of consumer prices, abbreviated as HICP, is the consumer price index as it is calculated in the European Union (EU), according to a harmonised approach and a single set of definitions. It is mainly used to measure inflation.
There are several types of HICP depending on the geographic area under consideration. The most important ones are:
- the Monetary Union index of consumer prices (MUICP) — an aggregate index covering the countries in the euro area;
- the European index of consumer prices (EICP) — for the whole European Union, the euro area plus the other Member States;
- the national HICPs — for each of the EU Member States.
In addition to the EU HICPs, an additional HICP aggregate index for the European Economic Area (EEA) is calculated:
- the European Economic Area index of consumer prices (EEAICP), which in addition to the EU also covers Iceland and Norway.
- HICP methodology (background article)