Glossary:Harmonised index of consumer prices (HICP)

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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.

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