2 of 15

Domain(s):

HICP

HICP-CT

HICP-AP

OOHPI

HPI

House sales

CREI

obligatory

voluntary

price statistics

real estate statistics

3 of 15

HICP - main purpose

The harmonised index of consumer prices ‘HICP’ measure the changes over time in the prices of consumer goods and services acquired by households

It serves two main purposes:

the measure of price stability in the European Central Bank's monetary policy strategy;
the indicator for assessing price convergence with a view to a country's possible membership in the monetary union.

4 of 15

HICP – other uses

In addition to the specific EU uses, the HICP is used like any other consumer price index: for economic analyses, indexing contracts, etc.

HICP at constant tax rates ‘HICP-CT’ and HICP – administered prices ‘HICP-AP’ are analytical indices that give a measure of government influence on inflation

5 of 15

HPI, house sales and OOHPI

House price index ‘HPI’ measures the changes in the transaction prices of dwellings purchased by households
House sales covers the total value of dwellings purchased by households
Owner-occupied housing price index ‘OOHPI’ measures the changes in the transaction prices of dwellings purchased for own-use and of all goods and services that households buy in their role as owner-occupiers of dwellings

6 of 15

HPI, house sales and OOHPI - use

HPI and house sales are set up to give insight of the housing market. Moreover, HPI is one headline indicator of the macroeconomic imbalance procedure scoreboard.
OOHPI was developed as a potential way to include owner-occupiers housing costs to the HICP

7 of 15

Legal framework

The legal framework of ‘harmonised indices’ (HICP, HICP-CT, OOHPI, HPI) consists of a basic act supplemented with implementing acts
The basic act, i.e. the Regulation (EC) No 2016/792 specifies the most important requirements that are needed to follow when producing the harmonised indices
The implementing acts describe a number of specific detailed issues that Member States should apply when producing the indices

8 of 15

Summary of legislation

29 entries in Official Journal

2 repealed – old basic act & weights regulation

2 void – HICP-CT, 2015=100

25 in force

1 basic act
18 implementing regulations
6 corrigenda

14 independent / consolidated implementing acts 🡺

15 acts listed in Art. 12(3)

9 of 15

Implementing acts in force

Adopted on the basis the repealed Regulation (EC) No 2494/95. Remain applicable under the new basic act.

10 of 15

implementing acts

Implementing measures

1749/1996

Sub-indices

2214/1996

Weights

2454/1997

1114/2010

Insurance

1617/1999

Revised sub-indices 1749/1999

Tariffs

2646/1998

Health, education and social protection 2166/1999

Reductions 2602/2000

Service charges 1920/2001

& corrigenda

Temporal coverage 701/2006

Revisions 1921/2001

& corrigenda

Coverage of goods and services 1687/1998

Geographic and population coverage

1688/1998

Timing of prices

2601/2000

Sampling 1334/2007

Seasonal products 330/2009

Index reference period 1708/2005

2015=100

2015/2010

HICP-CT

119/2013

OOH

93/2013

11 of 15

Data & metadata transmission

Single entry point for data exchange:

EDAMIS*

Annual metadata & inventories reported �using:

ESS MH**

*Electronic Dataflow Administration and Management Information System

**The European Statistical System Metadata Handler

Access with EU Login

12 of 15

Data & metadata flows to Eurostat

Monthly: HICP & HICP-CT

Quarterly: OOHPI, HPI

Annually: ECOICOP weights�Country weight �Metadata and inventory updates�Administered prices classification updates* �House sales*

*voluntary

13 of 15

Information sources

Data, metadata & legislation are easily accessible �via Eurostat web portal

HICP: https://ec.europa.eu/eurostat/web/hicp/
Housing price statistics: https://ec.europa.eu/eurostat/web/housing-price-statistics/overview

CIRCABC*

Price Statistics (public/restricted)
Real Estate Statistics (public)

*Communication and Information Resource Centre for Administrations, Businesses and Citizens

manuals

14 of 15

Future

Current implementing acts are being combined into a new consolidated text Expected to be ready 2020, no fundamental changes

Reviewing of the text and transposing relevant provisions; Modernising the provisions, e.g. to allow for use of new data sources (e.g. scanner data); Including provisions as regards new implementing powers, e.g. on inventories

Implementing new UN COICOP, 2024?

SDMX based HICP data transmissions using global CPI DSD 2020

Quarterly house sales

1 of 15