EU-HarmoniZed index of consumer prices
(HICP) and underlying inflation (IMI)
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EU-HARMONIZED INDEX OF CONSUMER PRICES (HICP) AND UNDERLYING INFLATION (IMI)
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Table 20
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HICP | Index of net retail prices 1 | ||||||||
| Total | Subcomponents: | |||||||||
| Energy | Food | Core infla- tion 2 |
Administered prices |
HICP excl. energy, food and admini- stered prices 3 |
Index of net retail prices excl. energy, food and admini- stered prices 3 |
Split into: 4 | ||||
| Rent | Public services |
Import content5 |
IMI6 | |||||||
| Weights , per cent | ||||||||||
| 100 | 10.6 | 20.7 | 68.7 | 7.7 | 4.2 | 56.9 | 51.0 | 16.2 | 34.8 | |
| Year-on-year growth, per cent | ||||||||||
| 2001 | 2.3 | 1.5 | 3.5 | 2.0 | 2.7 | 3.7 | 1.8 | 2.1 | 1.9 | 2.2 |
| 2002 | 2.4 | 2.1 | 1.8 | 2.7 | 2.5 | 5.0 | 2.5 | 2.5 | 0.1 | 3.6 |
| 2003 | 2.0 | 0.9 | 0.7 | 2.5 | 2.7 | 8.2 | 2.1 | 1.9 | 0.4 | 2.6 |
| 2004 | 0.9 | 2.7 | -2.0 | 1.6 | 2.8 | 4.8 | 1.1 | 0.8 | 1.1 | 0.6 |
| 2003 Q1 | 2.8 | 5.8 | 1.2 | 2.8 | 2.5 | 8.6 | 2.5 | 2.1 | 1.7 | 2.3 |
| Q2 | 2.2 | -0.2 | 1.3 | 2.9 | 2.8 | 8.8 | 2.4 | 2.3 | 0.6 | 3.1 |
| Q3 | 1.6 | -0.5 | 1.2 | 2.1 | 2.8 | 8.1 | 1.6 | 1.6 | -0.1 | 2.4 |
| Q4 | 1.3 | -1.4 | -0.8 | 2.3 | 2.8 | 7.1 | 1.9 | 1.7 | -0.6 | 2.7 |
| 2004 Q1 | 0.7 | -3.2 | -2.0 | 2.1 | 2.8 | 4.9 | 1.8 | 1.4 | -0.6 | 2.3 |
| Q2 | 0.8 | 2.6 | -2.5 | 1.6 | 2.8 | 4.9 | 1.2 | 0.8 | 0.3 | 1.1 |
| Q3 | 1.0 | 4.8 | -2.6 | 1.4 | 2.8 | 4.7 | 1.0 | 0.7 | 1.7 | 0.2 |
| Q4 | 1.2 | 6.3 | -1.1 | 1.1 | 2.8 | 4.9 | 0.5 | 0.3 | 3.2 | -1.0 |
| 2005 Q1 | 1.0 | 4.7 | 0.3 | 0.7 | 2.4 | 4.1 | 0.2 | 0.3 | 2.8 | -0.9 |
| Q2 | 1.6 | 6.7 | 0.6 | 1.1 | 2.3 | 3.2 | 0.7 | 0.7 | 3.5 | -0.6 |
| Q3 | 2.2 | 10.2 | 1.5 | 1.2 | 2.4 | 2.9 | 0.8 | 0.8 | 3.9 | -0.6 |
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Note: The weights reflect the weighting basis as of January 2003.
1 Prices in the index of net retail prices are compiled excluding indirect taxes and subsidies. 2 Core inflation is defined as the increase in HICP excluding energy and food. 3 Goods and services excluding energy, food and administered prices constitute 56.9 per cent of HICP's weight basis and 51.0 per cent of the index of net retail prices. The difference reflects that the same goods and services do not count equally in the two indices, and does not express the indirect taxation content of the consumer prices. 4 The division of the index of net retail prices into import and IMI is based on Statistics Denmark's input-output table. 5 The indirect energy content is included in the import content. 6 IMI expresses the domestic market-determined inflation. For a detailed presentation of IMI, see Bo William Hansen and Dan Knudsen, Domestic Market-Determined Inflation, Danmarks Nationalbank, Monetary Review, 4th Quarter 2005.
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