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Carsten Olsson Eurostat

Harmonized Index of Consumer Prices Price Statistics in the European Union National and Local Dimensions. Carsten Olsson Eurostat. Why is it needed? What is it? What are the roles and responsibilities at international level, national level, and local level. HICP Content.

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Carsten Olsson Eurostat

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  1. Harmonized Index of Consumer PricesPrice Statistics in the European UnionNational and Local Dimensions Carsten Olsson Eurostat

  2. Why is it needed? What is it? What are the roles and responsibilities at international level, national level, and local level HICPContent

  3. Required by EU Treaty (Maastricht Treaty) Used by ECB for their monetary policy Different purpose than national CPIs … but still use the same price observations for most expenditure groups HICPWhy is it needed

  4. Development started 1993;Series start Jan-96 Methodology based on BEST practices CPI experts 15 Member States, and 3 EEA countries, 10 Candidate Countries Using national experiences Designed for International Comparison Produce COMPARABLE Price Indices HICPWhat is it?

  5. Several Council and Commission Regulations Population and Geographical Coverage Expenditure coverage (HFMCE) EA formulae Quality Adjustment Sampling of outlets and products HICP - International DimensionBest Practices

  6. Sales prices Timing Health, Education, and Social Protection HICP - International DimensionBest Practices (continued)

  7. An example of improved comparability (1)

  8. An example of improved comparability (2)

  9. Not covered yet Treatment of Seasonal Items Price collection period Clarifications for Quality Adjustment and Sampling Owner Occupied Housing HICP - International DimensionBest Practices (continued)

  10. Eurostat and Member States (=National Statistical Institutes) Developing methodology for the HICP through discussions Several meeting every year Defining rules (=Regulations) Quality Control Eurostat : compiling euro-zone HICP HICP - International Dimension

  11. ISTAT Responsible for implementation of Regulations covering the HICP Responsible for compilation and transmission of national HICP to Eurostat Responsible for Quality Control Responsible for further input to the EU harmonization process HICP - National Dimension

  12. Responsibilities, for example Outlet selection Price collection Quality control Training of price collectors Selection of representative products (Compilation of local indices) Responsible towards and together with ISTAT HICP - Local dimension Municipalities in Italy

  13. But also responsible for Implementation of HICP Regulations as far as changes are required at local level HICP - Local dimensionMunicipalities in Italy

  14. Sales prices (solved) Frequency of price collection, quality adjustment and imputation of past prices HICP - Local DimensionSpecific Italian Issues

  15. Price collection period Representative of the month Streamline production process Eurostat still needs provisional index from main municipalities at end of month (estat-hicp@cec.eu.int) HICP - Local DimensionSpecific Italian Issues

  16. Need good co-operation Eurostat  ISTAT ISTAT  Municipalities Quality Control at all levels For example in price collection, selection of outlets, products, etc. Training Learn from each other HICP Conclusion

  17. Implementation of HICP Regulations Aim is always Best methodology Greater comparability Your work is required but also appreciated estat-hicp@cec.eu.int carsten.olsson@cec.eu.int HICPConclusion

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