HICP
The EU's Harmonised Index of Consumer Prices, built to the same rules in every member state.
3 min read · Reviewed September 2026
In plain words
HICP is a CPI calculated to the same methodology across all EU countries, enabling like-for-like comparison. The ECB targets HICP inflation of 2% for the euro area. National CPIs may differ from HICP — for example, the UK's national CPI and its HICP are nearly identical, but owner-occupied housing is excluded from HICP.
Frequently asked questions
What is HICP and who uses it?
HICP (Harmonised Index of Consumer Prices) is used by all EU member states for cross-country comparison and is the ECB's official inflation target measure. It is produced alongside national CPIs in most EU countries.
Further reading