(1)

Harmonised Indices of Consumer Prices (HICP) are harmonised inflation measures required by the Commission and the European Central Bank for the performance of their functions pursuant to Article 140 of the Treaty on the Functioning of the European Union. HICPs are designed to facilitate international comparisons of consumer price inflation. They serve as important indicators for the management of monetary policy.

(2)

Article 8(3) of Regulation (EC) No 2494/95 requires that the weightings of the HICP are updated with a frequency sufficient to meet the comparability and reliability requirements. HICPs based on weightings that are updated at different frequencies may fail to meet the comparability and the reliability requirements.

(3)

Commission Regulation (EC) No 2454/97 (2) of 10 December 1997 laying down detailed rules for the implementation of Council Regulation (EC) No 2494/95 as regards minimum standards for the quality of HICP weightings laid down rules to ensure that HICPs were constructed using weightings which were sufficiently reliable and relevant for the purpose of international comparisons. Those rules should now be modified taking into account developments in the HICP domain. Therefore, the measures set out in this Regulation should replace those in Regulation (EC) No 2454/97, which should be repealed.

(4)

Article 9 of Regulation (EC) No 2494/95 requires HICPs to be price indices of the Laspeyres-type. When relative prices of different goods and services change, consumers’ expenditure patterns can change to an extent that makes it necessary for the weights of the corresponding expenditure groups, and in particular their underlying quantities, to be updated in order to ensure their relevance.

(5)

By virtue of Article 4 of Regulation (EC) No 1749/96 (3) of 9 September 1996 on initial implementing measures for Council Regulation (EC) No 2494/95 concerning harmonised indices of consumer prices, the HICP should be compiled to include the price changes of newly significant goods or services and their relative expenditures.

(6)

This Regulation should apply without prejudice to the minimum standards for the treatment of insurance weights in accordance with Commission Regulation (EC) No 1617/1999 (4) of 23 July 1999 laying down detailed rules for the implementation of Council Regulation (EC) No 2494/95 as regards minimum standards for the treatment of insurance in the HICP.

(7)

Weights at the level of COICOP/HICP (5) divisions, groups and classes are required not to vary between months during the year unless under the provisions of the Commission Regulation (EC) No 330/2009 (6) of 22 April 2009 regarding minimum standards for the treatment of seasonal products in the HICP.

(8)

This Regulation should not require Member States to carry out new statistical surveys or to carry out family budget surveys more frequently than once every 5 years, taking into consideration that Member States are required to compile national accounts in accordance with the European System of Accounts (ESA 1995) (7) and that the country weights, which are necessary for producing euro area, EU and other HICP aggregates, are based on national accounts data.

(9)

The principle of cost-effectiveness has been taken into account in accordance with Article 13 of Regulation (EC) No 2494/95.

(10)

The European Central Bank has been consulted in accordance with Article 5(3) of Regulation (EC) No 2494/95.

(11)

The measures provided for in this Regulation are in accordance with the opinion of the European Statistical System Committee,

(1)

the ‘weighting reference period’ of an HICP means the 12-month period of consumption or expenditure from which the weights are estimated for the compilation of the latest HICP index figures;

(2)

‘sub-indices’ mean the sub-indices laid down in Commission Regulation (EC) No 2214/96 (8) of 20 November 1996 concerning harmonised indices of consumer prices: transmission and dissemination of sub-indices of the HICP.