Harmonised indices of consumer prices. January 2012.
Date: 2012-03-12
Institutions: Eurostat
Subjects: EU statistics, consumer price, economic statistics, price index

Economy and finance 

Author:  Jarko PASANEN 

D a t a   i n   f o c u s  
2/2012 

HARMONISED INDICES OF CONSUMER PRICES 
JANUARY 2012 

EURO AREA1)

 ANNUAL INFLATION WAS 2.6% IN JANUARY 2012, 
DOWN FROM 2.7% IN DECEMBER 

EU2)

 ANNUAL INFLATION WAS 2.9% IN JANUARY 2012, 

DOWN FROM 3.0% IN DECEMBER 

Figure 1: Annual inflation rates (in %), January 2011 -  January 2012

Euro area
US CPI

EU
JP CPI

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

01/11

02/11

03/11

04/11

05/11

06/11

07/11

08/11

09/11

10/11

11/11

12/11

01/12

  Sources: Eurostat (online data code: prc_hicp_manr), US Bureau of Labor Statistics, and Statistics Bureau of Japan 

Figure 2: Annual inflation rates (in %), January 2012*

2.6 2.6 2.8 2.8 2.9 2.9 2.9 3.0 3.1 3.2 3.2 3.4 3.4 3.4 3.4 3.6 3.8

1.9 2.0 2.1 2.3 2.3

1.3 1.5

0.7

5.6

4.7

4.1 4.1

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Sweden

Ireland

Bulgaria
Malta

Spain

Greece
Germany

Slovenia

Euro area
France

Denmark

Netherlands
Romania

Austria EU

Finland

Cyprus

Luxembourg
Belgium

Italy

Czech Republic
Lithuania
Portugal
Latvia
United Kingdom
Poland
Slovakia

Estonia

Hungary

 * Data for Malta, the Netherlands and Austria are provisional. 
  Source: Eurostat (online data code: prc_hicp_manr) 

 
 
 
 
 
 
 
 
 
Table 1: Index levels (2005=100) – HICP all-items 

Annual   
average 
index 

Feb 

Mar 

Apr 

May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

Jan 

Monthly Indices 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2012 

115.27 

114.33  114.82  115.20  115.40  115.74  114.19  115.94  116.03  116.24  116.66  116.79  115.42 

111.1 

110.1 

110.8 

111.1 

110.9 

110.9 

111.4 

111.4 

111.6 

111.7 

111.7 

112.5 

111.9 

133.40 

130.78  131.84  132.90  133.42  133.22  133.96  134.33  135.08  134.97  135.07  135.26  136.01 

106.6 

121.35 

116.35 

111.28 

113.8 

115.93 

117.32 

115.10 

110.23 

113.42 

112.72 

118.03 

116.79 

114.16 

106.1 

106.6 

106.9 

106.9 

106.7 

106.5 

106.7 

106.8 

107.1 

107.1 

107.0 

106.6 

117.60  121.37  122.17  122.44  122.19  120.51  118.80  122.83  122.96  123.19  122.98  121.64 

113.65  116.33  117.35  117.21  116.99  115.62  115.58  116.97  117.46  117.72  117.75  115.79 

109.97  110.93  111.33  111.41  111.50  110.95  111.58  111.55  111.85  112.19  112.69  112.24 

110.6 

113.0 

114.1 

114.3 

114.4 

112.4 

112.8 

115.0 

116.0 

115.9 

116.3 

114.2 

113.16  114.33  115.91  116.64  117.50  115.32  115.51  116.44  117.82  117.94  117.82  116.20 

116.02  117.00  117.42  117.56  117.48  116.40  118.02  118.19  118.28  118.65  118.58  117.95 

111.01  112.69  115.11  116.57  117.14  116.84  118.12  117.65  116.61  113.91  114.24  112.99p

108.60r   110.08r   110.74r  110.82r  110.12r  110.48r  110.61r  111.15r   111.27r   110.83r   110.48r  110.61p

111.75  113.11  113.78  113.68  113.64  113.23  113.42  114.10  114.35  114.43  114.70  114.09p

110.62  112.41  113.03  112.92  112.71  112.85  112.38  113.06  114.09  113.93  114.00  114.39 

115.92  117.51  118.37  119.35  118.58  117.31  117.62  118.33  119.25  119.44  118.84  118.49 

115.56  116.02  116.57  116.95  116.89  116.69  116.84  117.17  117.43  118.02  118.08  119.90 

113.36  114.02  114.23  114.06  114.35  113.86  114.10  114.60  114.80  115.04  114.99  115.93 

112.83 

110.96  112.46r   113.09r  113.10r  113.09r  112.43r  112.65r  113.48  113.87  113.98  114.35  113.42p

141.21 

140.71  141.27  141.14  141.29  140.85  141.36  141.17  141.20  141.66  141.78  142.15  142.58p

116.2 

113.8 

143.73 

133.90 

134.79 

120.1 

143.04 

112.31 

119.6 

115.2 

115.4 

115.6 

116.3 

116.2 

116.5 

116.4 

116.2 

116.5 

117.0 

117.5 

119.6 

112.8 

113.5 

114.0 

114.2 

113.9 

113.9 

113.8 

114.2 

114.4 

114.3 

114.3 

114.8 

141.35  142.31  143.87  144.49  144.85  144.59  144.03  144.47  144.70  144.57  144.60  145.76 

131.15  132.44  133.81  134.86  134.73  134.44  133.97  135.08  135.00  135.25  135.04  135.55 

132.87  134.25  135.21  135.46  135.15  134.76  134.60  134.66  135.37  136.21  136.55  139.77 

118.3 

119.4 

120.0 

120.6 

120.2 

119.9 

119.9 

119.9 

120.7 

121.6 

122.2 

123.0 

141.94  142.80  143.75  144.06  143.64  143.13  142.64  142.34  143.26  143.86  144.20  144.79 

111.81  112.25  112.63  112.66  112.30  111.99  111.92  112.71  112.58  112.80  112.77  112.10 

117.8 

118.1 

119.3 

119.5 

119.4 

119.4 

120.1 

120.9 

121.0 

121.2 

121.7 

121.1 

115.24r 

113.44  114.69  115.39  115.49  115.42r 114.92r 115.16r 115.89  116.26  116.43r  116.83r 116.18p

159.22 

154.68  156.11  157.78  160.28  160.75  160.40  160.61  161.39  161.95  161.57  162.56  162.02 

113.1 

113.0 

113.4 

114.1 

113.8 

113.3 

112.9 

112.1 

113.3 

113.1 

113.1 

113.2 

112.7 

115.25r 

113.47  114.70r   115.41  115.50  115.43  114.93r 115.16r 115.90  116.26r  116.43r   116.83r  116.17p 

Belgium 

Germany 

Estonia 

Ireland 

Greece 

Spain 

France 

Italy 

Cyprus 

Luxembourg 

Malta 

Netherlands3) 

Austria 

Portugal 

Slovenia 

Slovakia 

Finland 

Euro area 

Bulgaria 

Czech Republic 

Denmark 

Latvia 

Lithuania 

Hungary 

Poland 

Romania 

Sweden 

United Kingdom 

EU 

Iceland 

Norway 

EEA4) 

Switzerland5) 

104.2 

104.2r 

105.0 

105.1r 

104.9 

104.8r 

104.0r 

103.4r 

103.9r 

103.8r 

103.3 

103.6 

102.9 

Source: Eurostat (online data codes: prc_hicp_aind, prc_hicp_midx) 

2 

2/2012 — Data in focus  

 
  
 
 
 
Table 2: Inflation rates (in %) – HICP all-items 

12-month  
average rates 

Annual rates 

Dec 

Jan 

Jan 

Feb  Mar 

Apr  May 

Jun 

Jul 

Aug 

Sep 

Oct 

Nov 

Dec 

Jan 

2011  2012 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011 

2011  2011 

2011 

2011 

2012 

Belgium 

Germany 

Estonia 

Ireland 

Greece 

Spain 

France 

Italy 

Cyprus 

Luxembourg 

Malta 

Netherlands 

Austria 

Portugal 

Slovenia 

Slovakia 

Finland 

3.5 

2.5 

5.1 

1.2 

3.1 

3.1 

2.3 

2.9 

3.5 

3.7 

2.4 

2.5 

3.6 

3.6 

2.1 

4.1 

3.3 

3.4 

2.5 

5.0 

1.3 

2.9 

3.0 

2.3 

3.0 

3.5 

3.7 

  2.3p 

3.7 

2.0 

5.1 

0.2 

4.9 

3.0 

2.0 

1.9 

3.0 

3.4 

3.3 

3.5 

2.2 

5.5 

0.9 

4.2 

3.4 

1.8 

2.1 

3.1 

3.9 

2.7 

3.5 

2.3 

5.1 

1.2 

4.3 

3.3 

2.2 

2.8 

3.2 

4.0 

2.8 

3.3 

2.7 

5.4 

1.5 

3.7 

3.5 

2.2 

2.9 

3.5 

4.0 

2.4 

3.1 

2.4 

5.5 

1.2 

3.1 

3.4 

2.2 

3.0 

4.1 

3.8 

2.5 

3.4 

2.4 

4.9 

1.1 

3.1 

3.0 

2.3 

3.0 

4.5 

3.8 

3.1 

4.0 

2.6 

5.3 

1.0 

2.1 

3.0 

2.1 

2.1 

3.5 

3.2 

2.2 

3.4 

2.5 

5.6 

1.0 

1.4 

2.7 

2.4 

2.3 

2.7 

3.7 

2.3 

  2.6p 

  1.9r  

2.0 

  1.9r 

  2.1r 

  2.3r 

  2.3r 

  3.2r 

  3.2r 

  3.6p 

3.5 

2.1 

4.1 

3.3 

2.5 

3.6 

2.3 

3.2 

3.1 

Euro area 

2.7 

  2.7p 

2.3 

Bulgaria 

Czech Republic 

Denmark 

Latvia 

Lithuania 

Hungary 

Poland 

Romania 

Sweden 

United Kingdom 

EU 

Iceland 

Norway 

EEA 

3.4 

2.1 

2.7 

4.2 

4.1 

3.9 

3.9 

5.8 

1.4 

4.5 

  3.2p 

2.3 

2.7 

4.2 

4.2 

4.1 

3.9 

5.5 

1.3 

4.4 

4.3 

1.9 

2.6 

3.5 

2.8 

4.0 

3.5 

7.0 

1.4 

4.0 

3.1 

  3.1p 

  2.7r 

4.2 

1.2 

4.5 

1.1 

2.2 

2.0 

3.1 

  3.1p 

2.7 

3.1 

3.5 

2.0 

3.5 

3.5 

2.4 

4.6 

1.9 

2.6 

3.8 

3.0 

4.2 

3.3 

7.6 

1.2 

4.4 

2.9 

2.3 

1.1 

2.9 

3.3 

3.9 

2.4 

3.8 

3.5 

2.7 

4.6 

1.9 

2.5 

4.1 

3.7 

4.6 

4.0 

8.0 

1.4 

4.0 

3.1 

2.3 

0.9 

3.1 

3.7 

4.0 

2.0 

3.9 

3.4 

2.8 

3.3 

1.6 

2.8 

4.3 

4.4 

4.4 

4.1 

8.4 

1.8 

4.5 

3.3 

3.1 

1.3 

3.2 

3.7 

3.7 

2.4 

4.2 

3.4 

2.7 

3.4 

2.0 

3.1 

4.8 

5.0 

3.9 

4.3 

8.5 

1.7 

4.5 

3.2 

4.3 

1.6 

3.2 

3.7 

2.8 

1.2 

4.1 

3.5 

2.5 

3.1 

2.1 

2.4 

4.6 

4.4 

3.5 

4.0 

4.3 

1.6 

4.5 

3.7 

3.3 

1.6 

4.1 

3.4 

3.8 

3.0 

1.1 

3.8 

3.7 

2.7 

  2.6r 

3.4 

1.9 

3.0 

4.2 

4.6 

3.1 

3.6 

4.9 

1.6 

4.4 

3.5 

1.9 

2.9 

4.7 

4.8 

3.5 

3.7 

8.0 

1.5 

4.2 

3.1 

4.8 

1.3 

3.1 

2.9 

  3.0r

5.2 

1.5 

2.9 

5.0 

1.3 

2.9 

3.4 

2.9 

5.4 

1.3 

2.9 

3.0 

2.4 

3.6 

2.5 

3.8 

2.7 

3.0 

3.9 

3.5 

2.3 

4.4 

3.5 

3.0 

2.9 

2.1 

2.4 

4.5 

4.7 

3.7 

3.5 

3.5 

1.5 

5.2 

3.3 

5.6 

1.6 

3.3 

3.4 

2.9 

4.7 

1.5 

2.9 

3.0 

2.5 

3.8 

3.2 

3.8 

2.4 

3.7 

2.8 

4.4 

1.7 

2.8 

2.9 

2.7 

3.7 

4.0 

4.0 

1.5 

3.2 

2.3 

4.1 

1.4 

2.2 

2.4 

2.7 

3.7 

4.2 

3.4 

1.3 

3.2 

2.3 

4.7 

1.3 

2.1 

2.0 

2.6 

3.4 

3.1 

3.2 

  1.5p 

2.8 

  2.6r 

2.5 

  2.9p 

3.8 

4.0 

2.9 

4.6 

3.2 

3.0 

3.0 

2.6 

2.7 

4.3 

4.2 

3.8 

3.8 

3.6 

1.1 

5.0 

3.9 

3.8 

2.8 

4.8 

3.2 

3.0 

2.6 

2.9 

2.5 

4.0 

4.4 

4.3 

4.4 

3.5 

1.1 

4.8 

3.4 

3.5 

2.1 

4.6 

2.6 

  2.9p 

3.4 

2.3 

4.1 

3.0 

2.7 

  2.6p

2.0 

2.8 

2.4 

3.9 

3.5 

4.1 

4.5 

3.2 

0.4 

4.2 

  1.9p 

3.8 

2.8 

3.4 

3.4 

5.6 

4.1 

2.8 

0.7 

3.6 

3.4 

  3.3r 

3.0 

  2.9p

5.3 

1.3 

3.3 

5.1 

1.2 

3.3 

5.3 

-0.1 

6.2 

0.3 

3.0 

  2.9p 

Switzerland 

0.1 

0.0 

  0.0r 

  0.4r 

1.0 

  0.2r 

0.3 

  0.5r 

  0.2r 

 -0.4r 

  0.3r 

 -0.4r 

-0.8 

-0.4 

-0.9 

Source: Eurostat (online data codes: prc_hicp_mv12r, prc_hicp_manr) 

  Data in focus —2/2012 

3 

 
 
 
 
Table 3: Annual inflation rates (in %) for HICP main categories 

Jan 2012 

Main categories 

Belgium 

Germany 

Estonia 

Ireland 

Greece 

Spain 

France 

Italy 

Cyprus 

Luxembourg 

00 

3.2 

2.3 

4.7 

1.3 

2.1 

2.0 

2.6 

3.4 

3.1 

3.2 

Malta 

   1.5p 

01 

2.7 

3.2 

4.0 

0.4 

3.0 

2.2 

3.6 

2.5 

6.7 

2.0 

4.7 

02 

0.8 

2.8 

4.3 

3.9 

4.2 

2.2 

4.5 

6.1 

1.5 

3.1 

3.8 

03 

1.7 

1.7 

3.8 

-1.2 

0.7 

0.8 

-0.3 

0.6 

-1.3 

5.7 

-2.5 

04 

8.4 

3.5 

11.0 

5.7 

9.3 

3.4 

3.9 

7.5 

10.2 

4.9 

0.1 

05 

2.2 

0.6 

2.3 

-1.9 

-1.3 

1.1 

2.2 

2.0 

0.9 

1.9 

3.3 

06 

1.0 

1.7 

1.9 

0.1 

-0.5 

-2.9 

0.9 

6.8 

1.2 

1.6 

1.3 

07 

4.4 

3.3 

4.9 

2.2 

1.7 

5.4 

3.6 

7.3 

1.5 

4.5 

   3.7p 

08 

0.5 

-1.9 

-6.0 

1.3 

-1.0 

-3.6 

-4.7 

-1.8 

-0.3 

-0.5 

-8.0 

09 

0.9 

1.6 

1.7 

-1.1 

-0.6 

0.7 

-0.2 

0.4 

-0.4 

1.0 

-0.7 

10 

3.0 

-4.0 

5.7 

8.9 

-1.0 

2.8 

2.9 

2.0 

2.9 

2.1 

5.2 

11 

2.5 

1.4 

7.6 

-0.7 

2.3 

1.0 

2.9 

1.4 

1.0 

3.0 

-0.1 

12 

3.9 

1.4 

3.3 

4.2 

1.4 

2.1 

3.4 

2.7 

1.3 

4.0 

3.5 

Netherlands 

   2.9p 

   2.3p 

   5.3p 

   1.4p 

   3.9p 

   1.1p 

  10.9p 

   3.5p 

   0.2p 

   1.4p 

   2.8p 

   2.1p 

   3.4p 

Austria 

Portugal 

Slovenia 

Slovakia 

Finland 

   2.9p 

   3.6p 

   2.8p 

   0.6p 

   4.0p 

   2.1p 

   2.0p 

   3.5p 

   0.0p 

   2.7p 

   5.7p 

   3.4p 

   3.2p 

3.4 

2.3 

4.1 

3.0 

3.3 

3.5 

3.4 

5.8 

4.5 

3.9 

5.0 

5.3 

-3.6 

-3.4 

2.5 

1.0 

9.6 

5.0 

7.2 

4.0 

0.0 

0.9 

0.3 

2.5 

5.8 

-0.4 

3.9 

0.6 

4.5 

2.7 

7.5 

3.6 

0.3 

-0.2 

-0.1 

-4.9 

-0.5 

0.0 

0.3 

-0.8 

1.6 

1.3 

5.6 

1.3 

2.2 

2.7 

3.0 

3.9 

1.7 

2.8 

4.1 

5.9 

Euro area 

   2.6p 

   2.9p 

   3.8p 

   0.9p 

   4.5p 

   1.4p 

   2.3p 

   4.4p 

  -2.4p 

   0.7p 

   1.1p 

   1.8p 

   2.6p 

Bulgaria 

   1.9p 

   3.7p 

   0.1p 

   2.5p 

   2.4p 

  -0.3p 

   6.7p 

   3.6p 

  -1.3p 

  -5.6p 

   6.4p 

   1.8p 

   2.5p 

Czech Republic 

Denmark 

Latvia 

Lithuania 

Hungary 

Poland 

Romania 

Sweden 

United Kingdom 

EU 

Iceland 

Norway 

EEA 

3.8 

2.8 

3.4 

3.4 

5.6 

4.1 

2.8 

0.7 

3.6 

7.8 

5.7 

3.6 

5.5 

5.7 

4.4 

0.1 

1.1 

3.5 

2.7 

4.8 

3.9 

1.2 

7.4 

4.2 

5.7 

2.0 

6.2 

-3.1 

6.1 

-0.3 

-3.1 

2.9 

-2.0 

1.6 

-4.2 

2.9 

8.3 

3.5 

9.4 

8.6 

7.1 

5.2 

7.3 

-0.1 

7.4 

-1.3 

10.1 

1.6 

0.3 

1.6 

2.3 

2.4 

1.4 

0.8 

4.4 

0.1 

-0.1 

1.1 

4.4 

4.0 

0.5 

2.7 

3.2 

3.7 

1.9 

5.0 

4.6 

8.9 

8.0 

6.8 

2.8 

4.0 

-1.2 

1.9 

-2.3 

-2.8 

4.6 

1.6 

1.8 

0.9 

4.9 

0.2 

-1.9 

0.5 

0.0 

0.8 

0.4 

0.9 

-0.7 

-0.5 

2.2 

3.9 

-2.0 

0.8 

0.8 

3.2 

3.1 

1.5 

5.1 

2.1 

2.9 

2.3 

4.3 

4.1 

3.7 

1.5 

1.5 

3.1 

1.1 

4.2 

0.9 

1.8 

6.6 

4.7 

2.3 

1.8 

2.9 

   2.9p 

   3.1p 

   4.2p 

   1.0p 

   5.0p 

   1.8p 

   2.6p 

   4.4p 

  -0.9p 

   0.3p 

   2.1p 

   2.1p 

   2.8p 

6.2 

0.3 

6.2 

2.1 

4.2 

3.3 

0.6 

0.1 

10.3 

-10.4 

3.5 

-0.5 

2.8 

3.0 

9.5 

2.6 

6.8 

-0.4 

4.8 

-0.6 

3.2 

3.9 

3.5 

2.3 

6.3 

2.9 

   2.9p 

   3.1p 

   4.2p 

   1.0p 

   4.9p 

   1.8p 

   2.6p 

   4.4p 

  -0.9p 

   0.3p 

   2.1p 

   2.1p 

   2.8p 

Switzerland 

-0.9 

-2.3 

2.4 

-6.0 

1.9 

-1.8 

-0.2 

-3.3 

0.1 

-5.6 

1.6 

0.4 

0.5 

COICOP/HICP code of main categories 

00  HICP (all-items index) 
01  Food and non-alcoholic beverages 
02  Alcoholic beverages and tobacco 
03  Clothing and footwear 
04  Housing, water, electricity, gas and other fuels 
05  Furnishings, household equipment and routine 

maintenance of  the house 

Source: Eurostat (online data code : prc_hicp_manr) 

06  Health 
07  Transports 
08  Communications 
09  Recreation and culture 
10  Education 
11  Restaurants and hotels 
12  Miscellaneous goods and services 

4 

2/2012 — Data in focus  

 
 
 
 
 
 
Table 4: Index levels (2005=100) - some special aggregates 

     HICP all-items excluding … 

… energy 

… energy, food, 
alcohol and 
tobacco 

… energy, 
unprocessed 
food 

... energy, 
seasonal food

... tobacco 

Energy 

Food, alcohol 
and tobacco 

Dec 

Jan 

Dec 

Jan 

Dec 

Jan 

Dec 

Jan 

Dec 

Jan 

Dec 

Jan 

Dec 

Jan 

2011 

2012 

2011 

2012 

2011 

2012 

2011 

2012 

2011 

2012 

2011 

2012 

2011 

2012 

113.24  111.45  111.29  108.86  113.11  111.09  113.23  111.32  116.70  115.30 

147.16  149.94 

119.99  120.40 

109.8 

108.9 

108.5 

107.3 

109.6 

108.5 

109.8 

108.7 

112.3 

111.7 

134.9 

137.4 

115.3 

116.2 

129.95  130.06  122.77  122.33  129.74  129.57  129.80  129.71  133.95  134.72 

176.61  182.42 

145.15  146.49 

103.6 

102.8 

102.5 

101.2 

104.1 

103.2 

103.8 

103.0 

105.7 

105.1 

143.3 

146.6 

107.9 

108.6 

118.97  117.00  116.91  114.41  119.07  116.99  118.99  117.01  121.69  120.30 

172.66  182.38 

125.63  125.48 

114.42  111.91  112.41  109.07  114.33  111.47  114.48  111.76  116.83  114.84 

147.67  151.10 

120.11  120.39 

110.71  109.94  109.74  108.73  110.41  109.61  110.66  109.91  112.40  111.94 

133.64  136.68 

114.25  114.34 

114.8 

112.0 

113.8 

110.1 

114.8 

111.7 

114.9 

111.9 

115.9 

113.8 

134.3 

139.6 

118.4 

118.7 

113.45  111.50  108.84  106.58  110.66  108.39  111.48  109.32  117.72  116.05 

158.82  161.92 

130.21  129.57 

Belgium 

Germany 

Estonia 

Ireland 

Greece 

Spain 

France 

Italy 

Cyprus 

Luxembourg 

116.45  115.33  113.92  112.45  116.62  115.42  116.61  115.46  117.06  116.39 

135.26  139.02 

123.33  123.41 

Malta 

111.36  110.04p  106.15  104.29p  109.03  107.44p 109.76  108.25p 114.05  112.76p  167.27  167.30 

130.37  131.47 

Netherlands 

109.07r  108.80p  107.44r  107.27p  108.78r  108.56p 108.84r  108.59p 109.83r  109.97p  122.67  126.42p  116.13  115.44p

Austria 

Portugal 

Slovenia 

Slovakia 

Finland 

113.04  112.29p  111.96  110.74p  112.84  111.94p 112.95  112.09p 114.64  113.97p  133.93  135.08p  118.49  120.12p

110.56  110.39  109.81  109.16  111.08  110.74  110.80  110.55  113.14  113.53 

140.71  145.51 

112.98  114.35 

114.67  113.81  109.44  107.96  114.10  112.78  114.43  113.21  117.81  117.52 

148.27  151.83 

130.97  132.16 

114.96  115.96  112.42  113.03  115.34  116.21  114.70  115.54  117.18  119.03 

133.26  139.16 

121.88  123.91 

112.87  113.50  110.56  110.53  112.55  113.10  112.76  113.30  114.71  115.64 

142.72  147.96 

120.69  123.57 

Euro area 

111.97  110.60p  110.57  108.72p  111.80r  110.25p 111.95r  110.48p 113.91  112.96p  137.64  141.17p  117.18  117.66p

Bulgaria 

142.49  142.40p  132.83  132.61p  144.67  144.49p 143.92  143.74p 137.72  138.16p  139.70  143.31p  164.84  165.12p

Czech Republic 

113.2 

114.8 

106.9 

108.2 

113.6 

115.0 

113.2 

114.7 

115.3 

117.4 

147.1 

152.7 

127.7 

130.1 

Denmark 

Latvia 

Lithuania 

Hungary 

Poland 

Romania 

Sweden 

112.4 

112.7 

109.5 

109.7 

112.3 

112.6 

112.2 

112.5 

113.9 

114.4 

130.2 

132.3 

123.4 

124.2 

137.21  137.29  120.42  120.14  136.30  135.94  136.75  136.46  140.15  141.33 

201.24  210.89 

171.74  172.70 

127.90  128.17  113.79  113.41  125.73  125.71  127.41  127.46  132.94  133.45 

186.28  188.57 

152.91  154.43 

130.73  133.33  121.98  123.69  128.84  131.18  129.51  131.90  136.24  139.42 

176.42  183.86 

150.52  155.31 

117.9 

118.2 

111.7 

111.5 

117.3 

117.3 

117.8 

117.9 

120.3 

121.0 

151.6 

155.2 

130.6 

132.4 

140.18  140.64  132.78  133.14  145.46  145.88  142.02  142.41  137.27  137.79 

163.43  165.02 

147.14  147.72 

110.93  109.79  108.88  107.31  110.75  109.49  110.85  109.62  112.00  111.29 

126.99  130.47 

118.45  118.98 

United Kingdom 

117.2 

116.5 

113.8 

113.0 

116.1 

115.5 

116.5 

115.9 

120.4 

119.7 

175.8 

176.2 

135.7 

136.0 

EU 

Iceland 

Norway 

EEA 

113.92r  112.87p  111.51r  110.02p  113.58r  112.38p 113.78r  112.65p 116.03r  115.35p  144.13r  147.35p  122.72r  123.38p

159.25  157.84  158.15  155.88  159.43  157.73  158.79  157.15  162.48  161.84 

198.28  208.06 

163.42  165.54 

111.0 

110.2 

110.1 

108.9 

111.8 

110.9 

111.3 

110.5 

112.8 

112.3 

128.4 

132.3 

115.1 

115.9 

113.92r  112.87p  111.53r  110.04p  113.59r  112.40p 113.79r  112.66p 116.03r  115.35p  144.13r  147.36p  122.67r  123.33p

Switzerland 

102.2 

101.4 

102.7 

101.7 

102.7r 

101.8 

102.5 

101.7 

103.4 

102.7 

122.9 

122.4 

 99.1r 

99.7 

Source: Eurostat (online data code : prc_hicp_midx) 

  Data in focus —2/2012 

5 

 
 
 
 
 
 
Comments 

1.  Euro area inflation is measured by the MUICP (’Monetary Union Index of Consumer Prices’ as defined in Council 
Regulation (EC) No 2494/95 of 23 October 1995) which is the official euro area aggregate. The euro area initially 
included  Belgium,  Germany,  Ireland,  Spain,  France,  Italy,  Luxembourg,  the  Netherlands,  Austria,  Portugal  and 
Finland. Greece  was included from January  2001, Slovenia from January  2007, Cyprus  and Malta from January 
2008,  Slovakia  from  January  2009  and  Estonia  from  January  2011.  New  Member  States  are  integrated  into  the 
MUICP using a chain index formula.  

2.  EU inflation is measured by the EICP (’European Index of Consumer Prices’ as defined in Council Regulation (EC) 
No 2494/95 of 23 October 1995) which is the official EU aggregate. The EU included 15 Member States until April 
2004,  25  Member  States  from  May  2004  until  December  2006  and  27  Member  States  from  January  2007.  New 
Member States are integrated into the EICP using a chain index formula. 

3.  The Netherlands has revised its data for 2011 which had an impact for the European aggregates in certain months 
in 2011. For further information on the changes see: http://www.cbs.nl/NR/rdonlyres/7E7B761B-28EB-4CC3-8642-
1E0359A399D2/0/rapport_02022012_Engels2.pdf 

4.  EEA inflation is measured by the EEAICP (’European Economic Area Index of Consumer Prices'). It is computed 

using data for Iceland and Norway in addition to the EU Member States. 

5.  Switzerland has revised its data for 2011 due to the implementation of the seasonal products regulation. For 

further information see: 
http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/documents_pub/HICP_SP_info_note_annex_2011.pdf 

Flags 
p  provisional 

r  revised 

:  not available 

Methodology 

Measures of inflation 

An annual rate measures the price change between the current month and the same month of the previous year. This 
measure is responsive to recent changes in price levels but can be influenced by one-off effects in either month. 

A  12-month  average  rate  overcomes  this  volatility  by  comparing  average  Harmonised  Indices  of  Consumer  Prices 
(HICPs) in the latest 12 months to the average of the previous 12 months. This measure is less sensitive to transient 
changes in prices.  

HICPs designed for international comparison 

Harmonised  Indices  of  Consumer  Prices  (HICPs)  are  harmonised  inflation  figures  required  under  the  Treaty  on  the 
Functioning of the European Union. They are designed for international comparison of consumer price inflation.  

The  MUICP  is  used  by,  among  others,  the  European  Central  Bank  (ECB)  as  a  main  indicator  for  monetary  policy 
management for the euro area (see ECB press release, 8 May 2003). 

The  Member  States’  HICPs  are  supplied  by  the  National  Statistical  Institutes;  the  MUICP,  EICP  and  EEAICP  are 
compiled by Eurostat. HICPs are computed as annual chain indices allowing weights to be changed each year. HICP 
aggregates  are  calculated  as  weighted  averages  of  the  HICPs  using  the  weights  of  the  countries  and  sub-indices 
concerned. The weight of a country is its share of the household final monetary consumption expenditure in the total 
of  the  country  group.  For  the  MUICP  this  is  expressed  in  euro,  for  the  EICP  and  the  EEAICP  it  is  expressed  in 
Purchasing  Power  Standards.  The  MUICP  is  treated  as  a  single  entity  within  the  EICP  and  EEAICP  starting  from 
1999. 

Additional information 

About 100 MUICP, EICP, EEAICP and HICP sub-indices and over 30 special aggregates with corresponding weights 
and inflation rates are available in Eurostat’s database: 

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/data/database 

More information on methods and data can be found on the HICP section of the Eurostat website: 

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/introduction 

Starting from 2012 a new regulation defining harmonised rules for deriving the weights for the HICP has been applied 
in the Member States. For further information on the change please see: 

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/documents_pub/HICP_weights_info_note.pdf 

6 

2/2012 — Data in focus  

 
 
 
 
 
 
 
 
 
 
 
Further information 

European Statistical Data Support: 

Contact details for this support network can be found on our Internet site: 
http://ec.europa.eu/eurostat/ 

Manuscript completed on: 12.03.2012 
Data extracted on: 29.02.2012 
ISSN 1977-0340 
Catalogue number: KS-QA-12-002-EN-N 
© European Union, 2012