Measuring EU Inflation: The Foundations of the HICP

The HICP is a consumer price index designed to provide measures of inflation in EU member states calculated using similar methods and thus comparable one with another. This book is a history of the main development period of the HICP, up to the year 2002 when Astin left the European Commission. It will be of interest to a wide range of readers, including economists, economic statisticians, national statistics offices, universities, libraries, government finance/economic ministries, international organizations, and central banks.

Format: Hardback
Length: 271 pages
Publication date: 26 June 2021
Publisher: Springer Nature Switzerland AG

The HICP, or Harmonized Index of Consumer Prices, is a consumer price index designed to provide measures of inflation in EU member states. It is calculated using similar methods, making it comparable across countries. The HICP now tracks inflation rates for over 500 million Europeans, including the UK, and is produced by other countries like the USA. John Astin, the EU statistician responsible for its initial development, has extensive knowledge of its creation in the 1990s.

This book chronicles the main development period of the HICP, up to 2002 when Astin left the European Commission. It appeals to a wide range of readers, not just in the UK but globally. The types of readers include economists, economic statisticians, national statistics offices, universities, libraries, government finance/economic ministries, international organizations such as the UN, ILO, OECD, EU, Eurostat, ECB, and central banks, as well as individuals interested in the construction of consumer price indices.

The book begins by explaining the background to the HICP project, including economic and political considerations. It highlights the specific needs for harmonized price indices following the Maastricht treaty of 1992. It analyzes the process of establishing the necessary procedures to carry out this urgent work, including technical issues and the drafting of legal acts. The book delves into various aspects of the HICP, such as product analysis, price collection, quality adjustment, timing, and more. It discusses the arguments resolved and the human aspects involved in the process. Additionally, it examines the funding aspects and the role process.

Overall, this book provides a comprehensive history of the HICP's development, making it an essential resource for economists, economic statisticians, policymakers, and anyone interested in understanding inflation measurement and its implications in the EU and beyond.

Weight: 508g
Dimension: 210 x 148 (mm)
ISBN-13: 9783030688059
Edition number: 1st ed. 2021