Abstract
The European Union's Harmonised Indices of Consumer Prices (HICPs) were developed as a response to the need for comparable CPIs to measure the convergence of inflation of EU Member States as a criterion for entry to the Monetary Union. They are now used mainly as a tool for monitoring price stability in the Monetary Union. Many Eastern European countries and Cyprus are developing HICPs in readiness for accession to EU membership. The paper describes the main features of HICPs and the plans for further development.
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