The Harmonized Index of Consumer Prices (HICP) is also collected monthly for the whole of Germany on the basis of European laws. It covers the prices of constant products, including the excise duties levied on them for all goods and services purchased domestically that are part of private households' consumption expenditure. It serves as a measure of inflation, as a convergence criterion for Europe and as an index for financial instruments.
In addition to the prices collected from catalogs and the Internet but also locally, weightings for different types of goods, business types and the federal states, which are determined from secondary statistics, are also included in the index. For the HICP, an accuracy of 0.1 percentage points is targeted. The basis of prices and weights is adjusted annually, the basis of the index only every ten years.
The provisional values are published shortly before the end of the month, the final values around the middle of the following month. Within Europe, both spatial and temporal comparability is ensured. The Harmonized Index of Consumer Prices, the Consumer Price Index and the Retail Price Index are derived from the same database using different methods.
The Harmonized Index of Consumer Prices y/y reflects a percentage change in the reference month compared to the same month of the previous year.
The Harmonized Index of Consumer Prices is an important tool for measuring inflation and monetary stability and serves as a yardstick for wage bargaining and is included in the calculation of GDP. If the index rises, this usually has a positive effect on the currency.
The chart of the entire available history of the "Germany Harmonised Index of Consumer Prices (HICP) 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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