Harmonised index of consumer prices (HICP)
What is the current inflation rate in Denmark compared to other European countries? The EU-harmonised consumer price index (HICP) follows the development in consumer prices and allows for international comparison.
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Index describing the development of prices for goods and services included in households' private consumption within individual countries of the European Union (as well as Norway, Iceland, and Switzerland). The methodology is harmonized, enabling comparisons of price developments across countries.
Selected statistics on Harmonised index of consumer prices (HICP)
Annual change in the EU-harmonised consumer price index (HICP)
HICP is compiled on the same basis as the consumer price index, i.e. on the basis of a sample of 23,000 prices collected from approx. 1,600 shops, companies, and institutions all over the country. The prices are collected by questionnaires or by means of price collectors who visit the individual shops. Prices on food and beverages and household items are to a large extent covered by the use of scanner data from supermarket chains. Prices are also obtained via the internet. Most prices are by far collected monthly. For goods and services, where the prices typically change less frequently, prices are collected more rarely, for instance quarterly or biannually.
The index weights for the detailed indices (elementary aggregate indices) are calculated on the basis of data from the national accounts on final consumption expenditure of households in Denmark, supplemented by detailed information from the Household Budget Survey. HICP-CT is calculated using the exact same prices and weights as used for the HICP. The exact same index formulas and structure of aggregation is used. The only difference is the concept of prices. In the HICP-CT the tax rates are kept constant since December last year in the calculations. In a given month the current tax rates are subtracted from the consumer price and the tax rates from December last year are added instead. The HICP-CT is then calculated using the prices with tax rates kept constant.
Change in annual average of the EU-harmonised consumer price index
HICP is compiled on the same basis as the consumer price index, i.e. on the basis of a sample of 23,000 prices collected from approx. 1,600 shops, companies, and institutions all over the country. The prices are collected by questionnaires or by means of price collectors who visit the individual shops. Prices on food and beverages and household items are to a large extent covered by the use of scanner data from supermarket chains. Prices are also obtained via the internet. Most prices are by far collected monthly. For goods and services, where the prices typically change less frequently, prices are collected more rarely, for instance quarterly or biannually.
The index weights for the detailed indices (elementary aggregate indices) are calculated on the basis of data from the national accounts on final consumption expenditure of households in Denmark, supplemented by detailed information from the Household Budget Survey. HICP-CT is calculated using the exact same prices and weights as used for the HICP. The exact same index formulas and structure of aggregation is used. The only difference is the concept of prices. In the HICP-CT the tax rates are kept constant since December last year in the calculations. In a given month the current tax rates are subtracted from the consumer price and the tax rates from December last year are added instead. The HICP-CT is then calculated using the prices with tax rates kept constant.
On the statistics – documentation, sources and method
See the documentation of statistics to learn more:
The harmonized index of consumer prices (HICP) is compiled by all EU Member States and Norway, Iceland and Switzerland. The purpose of the harmonized consumer price indices is to be able to estimate the development in the countries' consumer prices on a comparable basis. HICP is used both by the Commission and by the European Central Bank in connection with the valuation of the price development in the individual countries in connection with the implementation and monitoring of the 3rd phase of the EMU. All the EU Member States and Norway and Iceland have compiled HICP since January 1997.
Additional documentation
Need more data on Harmonised index of consumer prices (HICP)?
In Statbank Denmark, you can find detailed statistics regarding the EU-harmonised consumer price index. Find for instance the EU-harmonised consumer price index for goods and services.