1. Ag.No. 10.1 Price statistics briefing (a) HICP
Doc.A6465/18/11 + appendices
Ag.No Price statistics briefing (a) HICP
Working Group on Articles 64 and 65 of the Staff Regulations
Meeting in Luxembourg March 2018

2. Content of this presentation
HICP transmission and release
Flash estimates, 5-digit ECOICOP, contributions
HICP ongoing work & 2018 priorities
Production & dissemination, legal framework, methodology
Owner-occupied house price index (OOHPI)
Overview, recent developments, next steps
Svetoslava Pavlova, ESTAT unit C4

3. HICP transmission & release
HICP indices transmission no later than 15 calendar days after end of reference month  publication circa two days after at 11CET
HICP flash estimate transmission penultimate calendar day of reference month  publication the following day at 11CET
Eurostat release calendar for euro indicators
HICP release schedule

4. HICP flash estimate
As from January 2017 data, the transmission of HICP Flash Estimate data became a legal obligation for the Member States whose currency is euro. Laid down in Framework regulation 2016/792

5. HICP flash estimate
Flash estimate dissemination since entry into force of the Framework regulation 2016/792
January 2017 Flash estimate data transmitted by all euro area countries
March 2017 Country-level data published in dissemination database (all-items annual rate of change for some countries)
January 2018 Extension of the country data available in database

6. HICP flash estimate
National data published in the dissemination database include
Countries: DE, EL, ES, FR, IT, CY, LV, LT, LU, MT, PT, SI, SK, FI (all-items annual rate & all-items monthly rate)
Measures: annual rate, monthly rate, monthly indices
Aggregates: all-items HICP, main components (Food, alcohol & tobacco; Energy; Non-energy industrial goods; Services), exclusion measures (All-items excluding energy; All-items excluding food
First published data (prc_hicp_fp)

7. Availability of 5-digit ECOICOP HICP
Transmission became obligatory under Framework regulation (2016/792)
Data published for 32 countries: All Member States, European Economic Area, Candidate countries
Release of European aggregates in April 2018
Consistently available for all Member States since December 2016
Allows for special aggregates based on the 5-digit data from November 2018

8. What is the ECOICOP ?
European classification of individual consumption according to purpose: L0: all-items L1: 12 divisions L2: 47 groups L3: 117 classes L4: 303 categories 264* in the HICP
Available in RAMON in 24 languages

9. Contributions to the all-items HICP
A contribution shows how much of the euro area annual inflation rate comes from a particular component of the HICP.
January 2018 release: contributions replace the euro area impacts
News release: main components (including Processed food, alcohol & tobacco and Unprocessed food)
Dissemination database: available at class level (4-digit)
Contributions to euro area annual inflation (in percentage points) (prc_hicp_ctrb)
Explanatory note

10. Contributions to the all-items HICP
Impacts
Non-additive
Limited availability (not available for main components, not in database)
Complex formula

11. Contributions to the all-items HICP
Additive (allowing for rounding)
Available for the main components
Easier to replicate

12. HICP ongoing work & 2018 priorities
HICP transmission & dissemination:
European aggregates and special aggregates based on 5-digit ECOICOP
HICP transmission based on SDMX/DSD
Legal framework: Finalisation of the draft HICP implementing act
Methodology:
HICP manual (in technical preparation for publication)
Modernisation of price collection: Practical guide on supermarket scanner data (September 2017), ongoing work on, scanner data, web scraping, GTIN code matching

13. OOHPI - overview
The OOHPI measures the change over time in the transaction prices of dwellings that were purchased for own-use and the cost of all goods and services that households purchase in their role as owners occupiers of dwellings. Owner occupier's housing expenditures represent those expenditures incurred by owners occupiers when purchasing, maintaining and living in their own home. Follows the net acquisitions approach.

14. OOHPI – recent developments & next steps
2015 = 100: starting with the release of 1st quarter 2017 data (19 July 2017), HPI and OOHPI index series re- referenced to 2015 = 100 Manual: Technical manual on Owner-Occupied Housing and House Price Indices (published November 2017) Data availability: full set of OOHPI indices (released in April 2017) Next steps: Commission report addressing the suitability of the OOHPI for integration into the HICP (by 31 December 2018)

15. OOHPI – recent developments
Owner occupied house price index (prc_hpi_oo)

16. Thank you for your attention!