The Consumer Price Index (CPI) excl. Tobacco y/y shows changes in prices for goods and services in the reported month compared to the same month of the previous year. The CPI is calculated separately for each state in the euro area. Then the obtained data are compiled to the Harmonized Index of Consumer Price (HICP) according to the approved methodology.
The CPI reflects price changes from the perspective of households, i.e. end consumers of goods and services. The index calculation basket includes 12 main categories of goods and services: food, alcohol, clothing, housing, household services, health, transportation, communications, recreation and culture, education, hotels and restaurants, and "miscellaneous".
Goods and services which are not part of the final consumer spending of households are excluded from the calculation. The calculation does not include some categories of expenses which cannot be included in the single system, such as gambling, imputed rental of housing, life insurance, state health insurance, financial intermediation services indirectly measured, etc.
The Consumer Price Index as well as the inflation in the euro area, is a measure of price stability used by the Governing Council of the ECB to evaluate the effectiveness of monetary policy. CPI growth against insufficient inflation is seen as positive for the euro quotes.
The chart of the entire available history of the "European Union Consumer Price Index (CPI) excl. Tobacco y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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