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Harmonised index of consumer prices in Lithuania

 

Last Updated on Monday, 12 September 2011 13:04

Statistics Lithuania calculates the harmonised index of consumer prices (HICP), which is methodologically harmonised with those of other EU member states, on a monthly basis. The conformity with the price stability criterion, set in the Maastricht Treaty, is assessed taking into consideration the inflation rate calculated based on the said index.

In August 2011, the average annual inflation calculated based on the HICP stood at 3.6 per cent and was by 0.1 percentage points lower than that calculated based on the consumer price index (CPI).

.

 

Annual inflation (August 2011, against August 2010) stood at 4.4 per cent and coincided with the annual inflation calculated based on the CPI.

The monthly (August 2011, against July) decrease in prices for consumer goods and services calculated based on the HICP amounted to 0.3 per cent, that calculated based on the CPI – 0.4 per cent.

Rates of change in prices for consumer goods and services calculated based on the HICP

 

COICOP/HICP divisions of consumer goods and services

Relative share (weight) in total consumption expenditure, per mille

Growth, drop (-), %

August 2011, against

average annual
August 2010–2011
August 2009–2010

July 2011

August 2010

Consumption goods and services

1000.00

-0.3

4.4

3.6

Food products and non-alcoholic beverages

259.46

-1.2

8.4

7.4

Alcoholic beverages and tobacco products

87.46

-0.4

0.9

2.4

Clothing and footwear

65.12

-2.4

-2.1

-2.3

Housing, water, electricity, gas and other fuels

123.87

0.9

8.9

9.0

Furnishings, household equipment and routine maintenance

59.66

-0.2

0.6

-1.6

Health care

65.38

0.1

2.1

0.9

Transport

119.87

0.2

8.8

7.2

Communications

34.88

-0.1

-3.4

-4.2

Recreation and culture

55.92

0.4

-1.8

-1.5

Education

16.56

0.0

2.4

0.2

Hotels, cafes and restaurants

64.39

0.2

2.3

0.0

Miscellaneous goods and services

47.43

-0.4

1.5

0.9
For the calculation of annual and average annual inflation, monthly and other period’s price changes, the HICPs calculated based on the 2005 index reference period (2005 = 100) accurate to two decimal places are used. Price indices are published accurate to two decimal places, inflation and price changes – to one decimal place.Differences between the HICP and the CPIThe main differences between the HICP and CPI are as follows:Purpose. The HICP is an instrument for measuring inflation in the EU and making international comparisons, as well as for the compilation of the European index of consumer prices (covering 27 EU member states), Monetary Union index of consumer prices (covering 16 countries: Ireland, Austria, Belgium, Greece, Spain, Italy, Cyprus, Luxembourg, Malta, the Netherlands, France, Portugal, Slovenia, Slovakia, Finland, Germany), and the European Economic Area index of consumer prices (covering 27 EU member states, Iceland and Norway). The CPI is used to measure the inflation rate in the country. It is the key instrument for indexation.Coverage. The HICP covers consumption expenditure incurred by the residents of the country, institutional households, non-residents and visitors from abroad within the economic territory of the country. The CPI covers consumption expenditure met only by the residents of the country (exclusive of institutional households) within the economic territory of the country. The HICP does not cover expenditure of households on games of chance and financial intermediation services, while the CPI does cover them.Weights. Due to a different coverage of consumption expenditure, weighting systems used for the HICP and CPI compilation differ. This is the primary factor leading to differences in index values.Classification.  For the calculation of the CPI, the Classification of Individual Consumption by Purpose (COICOP) is used. The COICOP/HICP classification has been adjusted for the calculation of the HICP.Concepts
Inflation – a decrease in the purchasing power of a currency unit, which manifests itself in a long-term growth in the general average price level. Annual inflation shows the relative change in the average price level in the reporting month and the corresponding month of the previous year.Average annual inflation shows the relative change in the average price level in the last twelve months and the corresponding previous twelve months.A press release on September 2011 inflation calculated based on the HICP is due on 11 October 2011.Director General                                                                                                             Vilija LapėnienėContact: Nadiežda Alejeva
Head, Price Statistics Division
Tel. (+370 5) 236 4707
Email mailto:Nadiezda.% This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

 

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