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What’s new in the HICP? The 2026 classification update and its implications for inflation analysis

Author

Listed:
  • Eiglsperger, Martin
  • Bodnár, Katalin
  • Haddad, Rania Bouhaouita
  • Wieland, Elisabeth

Abstract

The European Central Bank (ECB) defines its price stability target in terms of the HICP, the official measure of consumer price inflation in the euro area. Several changes have been implemented in the compilation of the HICP as of the January 2026 data release. Most importantly, the European Classification of Individual Consumption according to Purpose (ECOICOP) version 2 has been introduced for consumer goods and services. This box describes the main features of the new classification and outlines its impact on the HICP. While the overall HICP inflation rate is not affected by the changes, the reclassification of products becomes visible at a more disaggregate level when historical data are recompiled using ECOICOP version 2. The update also has implications for the compilation of commonly used measures of underlying inflation. In addition to the reclassification, the HICP has been expanded to cover services related to games of chance, and the euro area HICP aggregate now includes Bulgaria following its entry into the euro area on 1 January 2026. JEL Classification: E31

Suggested Citation

  • Eiglsperger, Martin & Bodnár, Katalin & Haddad, Rania Bouhaouita & Wieland, Elisabeth, 2026. "What’s new in the HICP? The 2026 classification update and its implications for inflation analysis," Economic Bulletin Boxes, European Central Bank, vol. 3.
    • Handle: RePEc:ecb:ecbbox:2026:0003:7
    Note: 2881411
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    JEL classification:

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

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