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Inflation Measurement in Greece

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  • Nikos P. karabalis

    ()
    (Bank of Greece)

  • Euripides K. Kondelis

    ()
    (Bank of Greece)

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    Abstract

    Consumer price indices reflect changes through time in the prices of goods and services that are bought by households for the satisfaction of their consumption needs. In Greece, there are two different indicators of inflation issued by the National Statistical Service of Greece. The Consumer Price Index (CPI) is the official indicator of the domestic level used for the adjustment of wages and the adaptation of the purchasing power of the currency. The second is the Harmonized Index of Consumer Prices (HICP) created through coordinated and systematic efforts at harmonization within the European Union; it is used by the European Central Bank. This article describes these two measures and the differences between them are stressed. Both indicators are distinct from a macroeconomic perspective, nevertheless for confusion to be avoided and in the context of optimal practices and European convergence it would be best if these two indices were identical.

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    File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull200702.pdf
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    Bibliographic Info

    Article provided by Bank of Greece, Economic Research Department in its journal Economic Bulletin.

    Volume (Year): (2007)
    Issue (Month): 28 (February)
    Pages: 83-95

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    Handle: RePEc:bog:econbl:y:2007:i:28:p:83-95

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    Web page: http://www.bankofgreece.gr
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    Related research

    Keywords: measurement of inflation; consumer price indices;

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    Cited by:
    1. Costas N. Kanellopoulos, 2012. "Employment and worker flows during the financial crisis," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 31-41, April.
    2. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 7-21, December.
    3. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 43-54, December.
    4. Costas N. Kanellopoulos, 2012. "The Size and structure of uninsured employment," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 23-41, December.

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