How is Eurozone inflation measured?
The Harmonized Index of Consumer Prices (HICP) is a measure of inflation in the Eurozone and the European Union. The HICP tracks consumer price inflation based on the spending patterns of consumers in each EU country, weighted according to that country’s share of aggregate consumer spending.
What is HICP Ireland?
points. May 2022. Ireland Harmonised Consumer Prices. The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods.
What is Eurozone inflation rate?
Euro area annual inflation is expected to be 8.1% in May 2022, up from 7.4% in April according to a flash estimate from Eurostat, the statistical office of the European Union.
How is HICP different to CPI?
Weights for the CPI are calculated from the Household Budget Survey, whereas the HICP uses additional household expenditure data from the national accounts.
Why is EU inflation so high?
Across the euro zone, the record annual consumer price increase was driven by soaring energy costs, which hit 39.2% (up from 37.5% in April) and a 7.5% increase in food, alcohol and tobacco prices (up from 6.3%). However, even without energy and food prices, inflation increased from 3.5% to 3.8%, Eurostat said.
Is US inflation higher than Europe?
The U.S. has had about 3 percentage points more cumulative inflation than the euro area since the onset of the pandemic.
Why is Eurostat reliable?
The data collected and reported to Eurostat have been agreed through a well-defined political process at the European level in which the EU Member States are deeply involved.
What is the euro area HICP flash estimate?
The euro area HICP flash estimate is an aggregate of the preliminary HICPs of all Member States whose currency is the euro. The euro area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
What is Eurostat doing about HICP data?
Eurostat is monitoring the situation in close contact with the National Statistical Institutes (NSIs). Both Eurostat and NSIs are committed to continue the dissemination of HICP data to the best of their abilities. approach across EU Member States. Released: 03/04/2020 (EN only).
How is the Flash estimate for the euro area calculated?
Eurostat computes the flash estimate for the euro area using preliminary data received from the National Statistical Institutes of the euro area Member States. For further information on the methodology used for the computation of the estimates, please check the Methodology page of the HICP section, under the heading #Euro area on inflation.
What will be the inflation rate in the euro area in 2021?
Euro area annual inflation is expected to be 1.9% in June 2021, down from 2.0% in May according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in June…