Macro
Euro-area HICP chart
The Harmonised Index of Consumer Prices (HICP) measures the average change in prices paid by consumers for a representative basket of goods and services across the euro area, using a methodology harmonised across member states to allow cross-country comparison. This chart shows the index level itself, not the year-on-year inflation rate.
The euro-area aggregate series is published monthly by Eurostat and is made available via FRED. It is an official statistical series and the primary inflation reference used by the European Central Bank.
Euro-area HICP (index level) chart
FRED:CP0000EZ19M086NESTEuro area Harmonised Index of Consumer Prices, index level (FRED). Published monthly, so the chart shows the latest available reading rather than a live price. The year-on-year euro-area inflation series and the ECB policy rate are not available to free TradingView widgets, so they are not shown.
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At a glance
| Full name | Harmonised Index of Consumer Prices: All Items, Euro Area (19 countries) |
|---|---|
| Series code | CP0000EZ19M086NEST |
| TradingView symbol | FRED:CP0000EZ19M086NEST |
| Instrument type | Official statistical series (index level) |
| Official publisher | Eurostat (via FRED) |
| Unit of measurement | Index points (Eurostat base year methodology) |
| Publication frequency | Monthly |
| Coverage | Euro area, 19-country aggregate as defined by the FRED series |
| Revision policy | HICP data can be revised as underlying national data are finalised |
| Data delay | Monthly release, published with a lag; not a real-time series |
What is Euro-area HICP (index level)?
The HICP index level represents the relative cost of a fixed, harmonised basket of consumer goods and services across the euro area at a given point in time, indexed to a Eurostat base period. Like any price index, the level itself will generally keep rising as long as prices are increasing anywhere in the basket.
The index level is distinct from the inflation rate: the euro-area inflation rate most commonly cited by the European Central Bank and in the media is the year-on-year percentage change in the HICP, not the index level shown on this chart. A flattening index still represents rising prices, just at a slower pace.
How to read this chart
The line should generally trend upward over time, reflecting the price level rather than the rate of change; a flatter slope indicates disinflation, and an actual fall in the index would indicate deflation.
To derive the headline euro-area inflation rate, compare the percentage change in the index between two dates, typically the same month one year apart.
As a monthly series, the chart updates in discrete monthly steps rather than continuously.
What moves it?
- Energy prices
- Energy is one of the more volatile components of the HICP basket and can drive significant month-to-month swings in the euro-area aggregate.
- Food prices
- Food and non-alcoholic beverage prices contribute directly to the index and can be influenced by agricultural conditions and supply factors.
- Services prices
- Services inflation tends to be stickier than goods inflation and is closely watched by the ECB as an indicator of underlying, domestically driven price pressure.
- National weights within the aggregate
- The euro-area figure is a weighted aggregate of national HICP series, so developments in larger member economies have a proportionally greater influence on the euro-area total.
- Euro exchange rate
- Movements in the euro's exchange rate affect the domestic cost of imported goods and energy, feeding through into the index with a lag.
Why businesses and investors monitor it
Businesses operating across the euro area use HICP trends to inform pricing, wage discussions and the interpretation of contracts with inflation-linked clauses.
Because the HICP is the ECB's primary inflation reference, its trend provides context for the likely direction of euro-area monetary policy relevant to financing costs and currency exposure.
Euro-area HICP vs US CPI
Both indices track consumer price levels but use different methodologies: the HICP is harmonised across euro-area member states by Eurostat specifically to enable comparability across countries, while the US CPI is a single national index produced by the Bureau of Labor Statistics with its own basket and weighting conventions.
A notable methodological difference is the treatment of owner-occupied housing costs, which the HICP largely excludes from the standard headline measure while US CPI includes an owners' equivalent rent component, meaning the two index levels are not directly comparable even though year-on-year growth rates from each can be compared as inflation measures.
Frequently asked questions
Is the HICP the same as national inflation measures within the euro area?
It is closely related but harmonised: each member state also compiles its own national HICP using a common methodology, and Eurostat aggregates these into the euro-area total shown here.
Why does this chart keep rising even during periods of falling inflation?
This chart shows the index level, not the year-on-year inflation rate; a slower pace of price increases still produces a rising, though flatter, line.
Does the HICP include housing costs?
The standard headline HICP largely excludes owner-occupied housing costs, unlike the US CPI, which is one reason the two indices are not directly comparable in level terms.
What inflation rate does the European Central Bank target?
The ECB's price stability objective is defined with reference to the year-on-year percentage change in the euro-area HICP.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The explanatory text on this page is evergreen: it is not updated with market movements, and no current price or level is quoted anywhere outside the chart.
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