Inflation international (HICP)

The HICP (Harmonised Index of Consumer Prices) is a price index calculated according to standardised EU guidelines. The HICP can be used to compare developments in inflation between different countries, and to calculate inflation for the eurozone as a whole.


Source: Eurostat
Differences between HICP and CPI
The HICP (Harmonised Index of Consumer Prices) is a price index calculated according to standardised EU guidelines. The HICP can be used to compare developments in inflation between different countries, and to calculate inflation for the eurozone as a whole. The national CPIs of the various countries are not suitable for this because of differences in composition. The main differences between the Dutch CPI and HICP are:

  • The HICP is based on all expenditure on Dutch territory; it thus includes spending by foreign visitors to the Netherlands. The CPI includes only spending by Dutch residents; but it does include spending by Dutch people abroad.
  • The CPI also includes consumption-related taxes and public services; these are not included in the HICP.
  • Spending on own homes is not included in the HICP, while it is included in the CPI.
  • Insurance premiums and spending on childcare are treated differently by the CPI and the HICP.

Differences between HICP and CPI

The HICP (Harmonised Index of Consumer Prices) is a price index calculated according to standardised EU guidelines. The HICP can be used to compare developments in inflation between different countries, and to calculate inflation for the eurozone as a whole. The national CPIs of the various countries are not suitable for this because of differences in composition. The main differences between the Dutch CPI and HICP are:

  • The HICP is based on all expenditure on Dutch territory; it thus includes spending by foreign visitors to the Netherlands. The CPI includes only spending by Dutch residents; but it does include spending by Dutch people abroad.
  • The CPI also includes consumption-related taxes and public services; these are not included in the HICP.
  • Spending on own homes is not included in the HICP, while it is included in the CPI.
  • Insurance premiums and spending on childcare are treated differently by the CPI and the HICP.