South West

Harmonised Indices of Consumer Prices (HICP) are designed for international comparisons of consumer price inflation. HICPs are used for the assessment of the inflation convergence criterion as required under Article 121 of the Treaty of Amsterdam and by the ECB for assessing price stability for monetary policy purposes. The ECB defines price stability on the basis of the annual rate of change of the euro area HICP. HICPs are compiled on the basis of harmonised standards, binding for all Member States. Conceptually, the HICP are Laspeyres-type price indices and are computed as annual chain-indices allowing for weights changing each year. The common classification for Harmonized Indices of Consumer Prices is the COICOP (Classification Of Individual COnsumption by Purpose). A version of this classification (COICOP/HICP) has been specially adapted for the HICP. Sub-indices published by Eurostat are based on this classification. HICP are produced and published using a common index reference period (2015 = 100). Growth rates are calculated from published index levels. Indexes, as well as both growth rates with respect to the previous month (M/M-1) and with respect to the corresponding month of the previous year (M/M-12) are neither calendar nor seasonally adjusted.

Harmonised Indices of Consumer Prices (HICP) are designed for international comparisons of consumer price inflation. HICPs are used for the assessment of the inflation convergence criterion as required under Article 121 of the Treaty of Amsterdam and by the ECB for assessing price stability for monetary policy purposes. The ECB defines price stability on the basis of the annual rate of change of the euro area HICP. HICPs are compiled on the basis of harmonised standards, binding for all Member States. Conceptually, the HICP are Laspeyres-type price indices and are computed as annual chain-indices allowing for weights changing each year. The common classification for Harmonized Indices of Consumer Prices is the COICOP (Classification Of Individual COnsumption by Purpose). A version of this classification (COICOP/HICP) has been specially adapted for the HICP. Sub-indices published by Eurostat are based on this classification. HICP are produced and published using a common index reference period (2015 = 100). Growth rates are calculated from published index levels. Indexes, as well as both growth rates with respect to the previous month (M/M-1) and with respect to the corresponding month of the previous year (M/M-12) are neither calendar nor seasonally adjusted.

The Retail Trade Index is a business cycle indicator which shows the monthly activity of the retail sector in value and volume. It is a short-term indicator for final domestic demand. It should be noted that the volume of sales is different from the volume of (retail) trade services. The latter takes account of changes in the quality of the trade service supplied. As such the volume of sales is conceptually different from the index of production which takes account of quality changes. Data are compiled according to the Statistical classification of economic activities in the European Community, (NACE Rev. 2, Eurostat). Turnover for retail trade are compiled as a "fixed base year Laspeyres type volume-index". The current base year is 2015 (Index 2015 = 100). The index is presented in calendar and seasonally adjusted form. Growth rates with respect to the previous month (M/M-1) are calculated from calendar and seasonally adjusted figures while growth rates with respect to the same month of the previous year (M/M-12) are calculated from calendar adjusted figures.