Improving harmonised Indices of Consumer Prices (Activity 1)

2026-07-22

Price statistics are needed for monitoring price stability in the euro area and inflation convergence in the EU. The harmonised index of consumer prices (HICP) is the reference indicator for this purpose, and it is used in particular for monetary policy. The compilation of the HICP is based on Regulation (EU) 2016/792 of the European Parliament and of the Council of 11 May 2016 on harmonised indices of consumer prices and the house price index (Art. 8 -The ECOICOP should also be consistent with the UN COICOP, which is the international standard classifying individual consumption according to purpose; therefore, the ECOICOP should be adapted to align it with changes to the UN COICOP) and Commission Implementing Regulation (EU) 2020/1148 of 31 July 2020 laying down the methodological and technical specifications. Since the HICP plays an important role in providing information for economic and monetary policymakers, its quality should be ensured beyond legal requirements. This means incorporating methodological improvements, improving data collection and production processes, introducing new data sources and modern ways of collecting basic data. The Classification of Individual Consumption According to Purpose (COICOP) is the international reference classification of household expenditure. COICOP aims to provide a framework of homogeneous categories of goods and services, which are considered a function or purpose of household consumption expenditure. COICOP is integral to the System of National Accounts (SNA) and several other statistical areas, such as consumer price indices. In March 2018, the 49th Session of the United Nations Statistical Commission considered and endorsed the revised COICOP classification – COICOP 2018 as the internationally accepted standard. Therefore, the European COICOP must be converted and linked to the new COICOP 2018.

Slovenia

2025-10-01