Terms used in official statistics

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Harmonized indices of consumer prices (HICP)

Description of the concept that applied to: 31.12.2013

Harmonized Indices of Consumer Prices (HICP) are computed according to uniform methodology of European Union by member states. The basis of calculation of HICP for Poland is: - an observation of representatives of consumer goods and services; - the weight system based on the structure of individual consumption expenditure in the households sector from national account two years ago. The grouping of consumer goods and services has been based on the Classification of Individual Consumption by Purpose worked out for the needs of HICP (COICOP/HICP). Harmonized price index is calculated by the Laspeyres formula. In accordance with inflation criterion included in the Maastricht Treaty, HICP is a base for the stabilization price assessment. In Poland this index has been computed since 1997. In accordance with the EU regulations, the retrospective data in the scope of HICP may undergo a change as a result of verification connected with the methodology modification.