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2021 HICP weights and their implications for the measurement of inflation

Author

Listed:
  • Gonçalves, Eduardo
  • Henkel, Lukas
  • Kouvavas, Omiros
  • Porqueddu, Mario
  • Trezzi, Riccardo

Abstract

The coronavirus (COVID-19) pandemic triggered significant changes in household spending in 2020. These shifts are reflected in the 2021 HICP weights, and consequently, also in measured annual inflation. The impact of these new HICP weights on annual inflation is not insignificant and is also heterogenous across countries. Looking ahead, the full impact will most likely only materialise over the course of the year as the relative prices gradually change. JEL Classification: E31, E32

Suggested Citation

  • Gonçalves, Eduardo & Henkel, Lukas & Kouvavas, Omiros & Porqueddu, Mario & Trezzi, Riccardo, 2021. "2021 HICP weights and their implications for the measurement of inflation," Economic Bulletin Boxes, European Central Bank, vol. 2.
    • Handle: RePEc:ecb:ecbbox:2021:0002:6
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202102_06~6ead8c0475.en.html
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    Citations

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    Cited by:

    1. Knetsch, Thomas A. & Schwind, Patrick & Weinand, Sebastian, 2022. "The impact of weight shifts on inflation: Evidence for the euro area HICP," Discussion Papers 27/2022, Deutsche Bundesbank.
    2. Henkel, Lukas & Wieland, Elisabeth & Błażejowska, Aneta & Conflitti, Cristina & Fabo, Brian & Fadejeva, Ludmila & Jonckheere, Jana & Karadi, Peter & Macias, Paweł & Menz, Jan-Oliver & Seiler, Pascal &, 2023. "Price setting during the coronavirus (COVID-19) pandemic," Occasional Paper Series 324, European Central Bank.
    3. Ondřej Bednář & Andrea Čečrdlová & Božena Kadeřábková & Pavel Řežábek, 2022. "Energy Prices Impact on Inflationary Spiral," Energies, MDPI, vol. 15(9), pages 1-25, May.

    More about this item

    Keywords

    Economic activity; euro area; inflation;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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