Harmonised Index of Consumer Prices

The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). It is a weighted average of price indices of member states in order to show what the consumer price index does for the entire Eurozone. One goal of the ECB in fighting to keep price stability is to keep the HICP below 2 or the medium term. In order to do that the ECB can control the short term interest rate through Eonia, the European over night index average, which affects market expectations.
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The index of consumer prices whose statistical methodology has been harmonised across countries. The HICP was developed by the European Commission (Eurostat) in close liaison with the national statistical institutes and the ECB and, formerly, the European Monetary Institute (EMI). The HICP is the measure of prices used by the ECB to define price stability in quantitative terms.