WRITTEN QUESTION No. 3267/96 by José GARCÍA-MARGALLO Y MARFIL to the Commission. Interim RPI
Date: 1996-12-05
Institutions: European Parliament, Provisional data
Subjects: Greece, consumer price, convergence criteria, economic convergence, economic statistics, harmonisation of prices, inflation, monetary policy, price index, statistical method













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91996E3267

WRITTEN QUESTION No. 3267/96 by José GARCÍA-MARGALLO Y MARFIL to the Commission. Interim RPI  


Official Journal C 091 , 20/03/1997 P. 0077 





WRITTEN QUESTION E-3267/96 by José García-Margallo y Marfil (PPE) to the Commission (5 December 1996)Subject: Interim RPIIt is increasingly clear from the media that there are real difficulties in finding universally accepted statistical measurements.The Commission evaluates the convergence of prices on the basis of the interim retail price index. Does this index coincide with or diverge from the retail price index used by Greece?Joint answer to Written Questions E-3259/96, E-3260/96, E-3261/96, E-3262/96, E-3263/96, E-3264/96, E-3265/96, E-3266/96, E-3267/96, E-3268/96, E-3269/96, E-3270/96, E-3271/96, E-3272/96, E-3273/96 and E-3274/96 given by Mr de Silguy on behalf of the Commission (21 January 1997)Under Protocol No 6 on the convergence criteria referred to in Article 109j of the EC Treaty 'Inflation shall be measured by means of the consumer price index on a comparable basis, taking into account national differences.' This requirement is currently met through a process of harmonization based on the national consumer price indices (CPIs).According to Council Regulation No 2494/95 on harmonized indices of consumer prices (HICPs) ((OJ L 257, 27.10.1995. )), harmonization should be considered as a stepwise approach in two stages. Stage I established in February 1996 a set of interim indices of consumer prices (IICPs). The IICPs are in fact the national CPIs with the coverage of goods and services adjusted to reduce non-comparability, particularly by excluding certain non-market services, such as health, education and owner occupied housing.National CPIs can thus be seen as coincident with the corresponding IICPs regarding methods, concepts and definitions, apart from the coverage of goods and services. Numerically, the indices differ as a result of these differences in the coverage ((COM(96) 560. )). For most of the Member States, the differences in the inflation rates measured as a twelve month change, whether on an annual or monthly basis, are small, ranging from 0,0 to ±0,2 percentage points. For some Member States (Ireland, the Netherlands, Finland, Sweden and the United Kingdom) the differences are bigger, mainly because of housing costs, particularly where interest payments are used in the national CPIs.Though not strictly comparable, IICPs provide for the time being the most comparable basis for the assessment of inflation convergence among Member States. The Commission will, however, assess inflation convergence during the period before the start of stage three of economic and monetary union, as required by the Treaty, on the basis of comparable HICPs. These will be launched with Stage II of the harmonization of CPIs in February 1997 and will be based on appropriately designed definitions, concepts and methods.