Harmonised Index of Consumer Prices

The harmonised index of consumer prices (HICP) is a consumer price index (CPI) that is calculated according to a common approach. It measures the change over time of the prices of consumer goods and services acquired by households. Because of the common methodology, the HICPs of the countries and European aggregates can be directly compared.

The HICP is compiled following a series of techniques such as the use of a single classification system (ECOICOP), the choice of the type of calculation of individual indicators, the geographical and population coverage, the coverage of species, the common base year (2015=100) etc. The methodology is similar to that of the national CPI, with the main differences being (a) the inclusion of foreign visitors' expenses in the weights of HICP only and (b) the weights of the HICP are annually reviewed while the weights of the national CPI are reviewed less frequently (roughly every five years).

The HICP covers the final monetary consumption expenditure of the household sector by both resident and non-resident households. More specifically, HICP covers prices of goods and services in Nicosia, Larnaca, Limassol and Paphos. For each city the fluctuations of prices per product each month are weighted according to their population. Prices  are recorded on predetermined dates and within a period of 3 weeks each month, except for fruits, vegetables and fuels whose prices are collected on a weekly basis.

Monthly

HICP is disseminated according to pre-announced dates included in the calendar on the website of the Statistical Service. A monthly press release and relevant tables that include the HICP data are available on the website of the Statistical Service. 

Price indices: Evolution of the Index by month, comparison with corresponding month of the  previous year, comparison with corresponding period of previous year, fluctuations of Index of current month for the last three years, timeseries for the period 2002-current year.

European classification of individual consumption according to purpose (ECOICOP).

Council Regulation (EC) No 2016/792 sets the legal basis for establishing a harmonised methodology for the compilation of the HICP and HPI.

04/06/2021