HICP (Harmonised Index of Consumer Prices)
The HICP (Harmonised Index of Consumer Prices) measures inflation using a method common to the countries of the European Union. The euro area HICP is the benchmark for the ECB, whose target is 2% inflation over the medium term. Eurostat publishes a flash estimate at the end of the month in question or in the very first days of the next, at 11:00 a.m. Paris time, then the final figure around the middle of the following month. Markets read headline inflation and its core version, excluding energy, food, alcohol, and tobacco: in October 2026, the flash estimate rose to 4.0% year over year, driven by energy (+20.8%), while core stayed at 2.5%. A higher-than-expected figure leads markets to anticipate higher rates from the ECB. It is the European counterpart of the US CPI, but the two indexes are not built the same way. Upcoming releases: the economic calendar.
See also
The central bank of the 21 euro area countries, which sets its policy rates 8 times a year.
Inflation excluding food and energy, which shows the underlying trend in prices.
The index that tracks, month after month, the prices US consumers pay.
The price index on which the Fed defines its 2% inflation target.
The schedule of upcoming economic releases, with their time, impact, and consensus.