Maart 2012: de jaarlijkse inflatie stabiel (en)

Met dank overgenomen van Eurostat (ESTAT), gepubliceerd op dinsdag 17 april 2012.

Euro area1 annual inflation was 2.7% in March 2012, unchanged compared with February2. A year earlier the rate was 2.7%. Monthly inflation was 1.3% in March 2012.

EU3 annual inflation was 2.9% in March 2012, unchanged compared with February. A year earlier the rate was 3.1%. Monthly inflation was 1.1% in March 2012.

These figures come from Eurostat, the statistical office of the European Union.

Inflation in the EU Member States

In March 2012, the lowest annual rates were observed in Sweden (1.1%), Greece (1.4%) and Bulgaria (1.7%), and the highest in Hungary (5.5%), Estonia (4.7%) and the Czech Republic (4.2%). Compared with February 2012, annual inflation fell in fourteen Member States, remained stable in four and rose in eight.

The lowest 12-month averages4 up to March 2012 were registered in Sweden (1.3%), Ireland (1.4%) and Slovenia (2.1%), and the highest in Estonia (4.9%), Romania (4.6%) and Hungary (4.3%).

Euro area

The main components with the highest annual rates in March 2012 were transport (4.6%), alcohol & tobacco (4.4%) and housing (4.0%), while the lowest annual rates were observed for communications (-2.8%), recreation & culture (0.7%) and education (0.9%). Concerning the detailed sub-indices, fuels for transport (+0.36 percentage points), gas (+0.14) and heating oil (+0.08) had the largest upward impacts on the headline rate, while telecommunications (-0.18), rents (-0.08) and cars (-0.07) had the biggest downward impacts.

The main components with the highest monthly rates were clothing (16.0%), transport (1.3%) and household equipment (0.7%), while the lowest monthly rates were observed for recreation & culture (-0.4%), health, communications and education (0.0% each). In particular, garments (+0.74 percentage points), footwear (+0.15) and fuels for transport (+0.10) had the largest upward impacts, while restaurants & cafés (-0.09), rents (-0.08) and meat (-0.05) had the biggest downward impacts.

Annual inflation (%) in March 2012 in ascending order

Euro area

 

EL

ES

IE

DE

MT

SI

FR

AT

Euro area

LU

NL

FI

BE

PT

CY

IT

SK

EE

1.4

1.8

2.2

2.3

2.4p

2.4

2.6

2.7p

2.7p

2.9

2.9p

2.9

3.1

3.1

3.5

3.8

3.9

4.7

EU Member States outside the euro area

 

SE

BG

RO

DK

EU

LV

UK5

LT

PL

CZ

HU

1.1

1.7

2.5

2.7

2.9p

3.2

Feb 12 3.4

3.7

3.9

4.2

5.5

Inflation rates in %, measured by HICPs

 
 

Annual rates

12 month average rates4

Monthly rates

 

Mar 12

Mar 11

Feb 12

Feb 11

Jan 12

Jan 11

Dec 11

Dec 10

Mar 11

Mar 10

Mar 12-11

Mar 11-10

Mar 12

Feb 12

Belgium (BE)

3.1

3.3

3.3

3.2

3.5

3.4

0.2

Germany (DE)

2.3

2.5

2.3

2.3

2.3

2.5

0.4

Estonia (EE)

4.7

4.4

4.7

4.1

5.1

4.9

1.0

Ireland (IE)

2.2

1.6

1.3

1.4

1.2

1.4

1.0

Greece (EL)

1.4

1.7

2.1

2.2

4.3

2.4

2.9

Spain (ES)

1.8

1.9

2.0

2.4

3.3

2.7

2.2

France (FR)

2.6

2.5

2.6

2.7

2.2

2.4

0.9

Italy (IT)

3.8

3.4

3.4

3.7

2.8

3.2

2.5

Cyprus (CY)

3.5

3.1

3.1

4.2

3.2

3.5

1.4

Luxembourg (LU)

2.9

3.3

3.2

3.4

4.0

3.6

0.5

Malta (MT)

2.4p

2.4

1.5

1.3

2.8

2.2p

1.5p

Netherlands (NL)

2.9p

2.9

2.9

2.5

1.9

2.7p

1.4p

Austria (AT)

2.7p

2.6

2.9

3.4

3.3

3.5p

1.2p

Portugal (PT)

3.1

3.6

3.4

3.5

3.9

3.5

1.2

Slovenia (SI)

2.4

2.8

2.3

2.1

2.4

2.1

1.0

Slovakia (SK)

3.9

4.0

4.1

4.6

3.8

4.2

0.3

Finland (FI)

2.9

3.0

3.0

2.6

3.5

3.2

0.5

Euro area (MUICP)

2.7p

2.7

2.7

2.7

2.7

2.8p

1.3p

Bulgaria (BG)

1.7

2.0

1.9

2.0

4.6

2.7

0.1

Czech Republic (CZ)

4.2

4.0

3.8

2.8

1.9

2.7

0.3

Denmark (DK)

2.7

2.7

2.8

2.4

2.5

2.7

0.6

Latvia (LV)

3.2

3.3

3.4

3.9

4.1

4.1

0.6

Lithuania (LT)

3.7

3.7

3.4

3.5

3.7

4.2

1.0

Hungary (HU)

5.5

5.8

5.6

4.1

4.6

4.3

0.8

Poland (PL)

3.9

4.4

4.1

4.5

4.0

4.0

0.5

Romania (RO)

2.5

2.7

2.8

3.2

8.0

4.6

0.5

Sweden (SE)

1.1

1.0

0.7

0.4

1.4

1.3

0.5

United Kingdom (UK)5

:

3.4

3.6

4.2

4.0

:

:

EU (EICP)

2.9p

2.9r

2.9

3.0

3.1

3.1p

1.1p

Iceland (IS)

7.8

6.7

6.2

5.3

2.3

5.4

1.9

Norway (NO)

0.5

1.0

0.3

-0.1

0.9

1.1

-0.1

EEA (EEAICP)

2.9p

2.9

2.9

3.0

3.1

3.1p

1.0p

Switzerland (CH)

-1.0

-1.2

-0.9

-0.4

1.0

-0.3

0.9

Source: Eurostat p = provisional r = revised : = data not available

Euro area inflation rates in % for main components, measured by HICPs

 
 

Weight used in 2012

Annual rates

12 month average rates4

Monthly rates

Euro area (MUICP)

 

Mar 12

Mar 11

Feb 12

Feb 11

Jan 12

Jan 11

Dec 11

Dec 10

Mar 11

Mar 10

Mar 12-11

Mar 11-10

Mar 12

Feb 12

00 All-items

1000.0

2.7p

2.7

2.7

2.7

2.7

2.8p

1.3p

01 Food

152.4

3.0p

3.1

2.9

3.0

2.0

2.8p

0.3p

02 Alcohol and tobacco

38.3

4.4p

4.1

3.8

3.8

3.6

3.7p

0.4p

03 Clothing

68.0

2.5p

1.6

0.9

1.8

1.2

1.0p

16.0p

04 Housing

162.8

4.0p

4.4

4.5

4.9

5.1

4.8p

0.2p

05 Household equipment

66.5

1.4p

1.3

1.4

1.5

0.9

1.3p

0.7p

06 Health

44.3

2.2p

2.3

2.3

1.9

1.3

1.9p

0.0p

07 Transport

154.3

4.6p

4.6

4.4

4.4

5.6

5.2p

1.3p

08 Communications

31.3

-2.8p

-3.0

-2.4

-1.9

-0.6

-1.8p

0.0p

09 Recreation and culture

92.6

0.7p

0.9

0.7

0.6

-0.4

0.5p

-0.4p

10 Education

10.4

0.9p

1.0

1.1

0.9

1.7

1.4p

0.0p

11 Hotels and restaurants

91.8

1.7p

1.9

1.8

1.9

1.8

1.9p

0.1p

12 Miscellaneous

87.4

2.2p

2.4

2.6

2.5

2.8

2.5p

0.3p

All-items

-excl. energy

890.1

2.0p

1.9

1.9

1.9

1.5

1.8p

1.3p

-excl. energy, FoodAlcTob*

699.4

1.6p

1.5

1.5

1.6

1.3

1.5p

1.5p

-excl. energy, unproc. food

817.9

1.9p

1.9

1.9

2.0

1.5

1.8p

1.3p

-excl. energy, seas. food

853.7

2.0p

2.0

2.0

2.1

1.5

1.9p

1.3p

-excl. tobacco

976.6

2.6p

2.7

2.6

2.7

2.6

2.7p

1.3p

Energy

109.9

8.5p

9.5

9.2

9.7

13.0

11.0p

1.6p

FoodAlcTob*

190.7

3.3p

3.3

3.1

3.1

2.4

3.0p

0.3p

Source: Eurostat * FoodAlcTob = Food, alcohol and tobacco p = provisional

Euro area sub-indices with most important impacts

 
 

COICOP

March 12 / March 11

Weight (‰) 2012

Rate (%)

Impact (percentage points)

07.22

Fuels for transport

48.5

9.6p

0.36

04.52

Gas

18.3

10.6p

0.14

04.53

Heating oil

8.9

11.1p

0.08

02.20

Tobacco

23.4

5.4p

0.07

12.31

Jewellery and watches

5.9

11.3p

0.05

04.55

District heating

6.8

11.0p

0.05

11.20

Accommodation services

16.5

-0.6p

-0.06

01.16

Fruit

11.8

-1.9p

-0.06

09.11

Audio-visual equipment

5.0

-9.4p

-0.06

07.11

Cars

36.2

0.9p

-0.07

04.11/2

Rents

60.5

1.4p

-0.08

08.2/3

Telecommunications

29.8

-3.1p

-0.18

 

March 12 / February 12

     

03.12

Garments

50.7

17.6p

0.74

03.21/2

Footwear

13.6

13.5p

0.15

07.22

Fuels for transport

48.5

3.1p

0.10

07.33

Air transport

6.3

6.4p

0.03

03.13

Clothing accessories

2.0

10.5p

0.02

12.32

Other personal effects

4.3

4.5p

0.01

01.11

Bread and cereals

25.6

0.0p

-0.03

08.2/3

Telecommunications

29.8

0.0p

-0.04

07.11

Cars

36.2

0.1p

-0.04

01.12

Meat

35.8

0.1p

-0.05

04.11/2

Rents

60.5

0.1p

-0.08

11.11

Restaurants and cafés

68.8

0.2p

-0.09

Source: Eurostat p = provisional

Measures of inflation

An annual rate measures the price change between the current month and the same month of the previous year. This measure is responsive to recent changes in price levels but can be influenced by one-off effects in either month.

A 12-month average rate overcomes this volatility by comparing average Harmonised Indices of Consumer Prices (HICPs) in the latest 12 months to the average of the previous 12 months. This measure is less sensitive to transient changes in prices.

A monthly rate compares price levels between the two latest months. Although up-to-date, it can be affected by seasonal and other effects.

An impact of a particular component measures the change in the headline inflation due to the inclusion of that component in the HICP. The impact takes account of both the weight and whether the inflation for that component is higher or lower than the all‑items inflation rate. For example, the impact of ‘tobacco’ is equal to the difference between the all-items inflation rate and the rate for ‘all-items excluding tobacco’. Impacts are not strictly additive.

HICPs designed for international comparison

Harmonised Indices of Consumer Prices (HICPs) are harmonised inflation figures required under the Treaty on the Functioning of the European Union. They are designed for international comparison of consumer price inflation.

Price changes as measured by the HICPs, the Monetary Union Index of Consumer Prices (MUICP), the European Index of Consumer Prices (EICP) and the European Economic Area Index of Consumer Prices (EEAICP) are used as measures of inflation in the Member States in the European Union, in the euro area, and in the European Economic Area.

The MUICP is used by, among others, the European Central Bank (ECB) as a main indicator for monetary policy management for the euro area (see ECB press release, 8 May 2003).

The Member States’ HICPs are supplied by the National Statistical Institutes; the MUICP, EICP and EEAICP are compiled by Eurostat. HICPs are computed as annual chain indices allowing weights to be changed each year. HICP aggregates are calculated as weighted averages of the HICPs using the weights of the countries and sub-indices concerned. The weight of a country is its share of the household final monetary consumption expenditure in the total of the country group. For the MUICP this is expressed in euro, for the EICP and the EEAICP it is expressed in Purchasing Power Standards. The MUICP is treated as a single entity within the EICP and EEAICP starting from 1999.

Additional information

More information on HICPs can be obtained from the monthly publication Data in focus, Economy and Finance on "Harmonised indices of consumer prices". About 100 MUICP, EICP, EEAICP and HICP sub-indices with corresponding weights are available in Eurostat’s database. Further details can be found on the HICP section of the Eurostat website:

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/introduction .

Starting from 2012 a new regulation defining harmonised rules for deriving the weights for the HICP has been applied in the Member States. For further information on the change please see:

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/documents_pub/HICP_weights_info_note.pdf

Future release dates

Scheduled publication dates for the coming months are:

 

Index for

MUICP flash estimates

HICP News Releases

April 2012

30 April 2012

16 May 2012

May 2012

31 May 2012

14 June 2012

June 2012

29 June 2012

16 July 2012

  • Euro area inflation is measured by the MUICP (’Monetary Union Index of Consumer Prices’ as defined in Council Regulation (EC) No 2494/95 of 23 October 1995) which is the official euro area aggregate. The euro area initially included Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Greece was included from 1 January 2001, Slovenia from 1 January 2007, Cyprus and Malta from 1 January 2008, Slovakia from 1 January 2009 and Estonia from 1 January 2011. New Member States are integrated into the MUICP using a chain index formula.
  • The MUICP flash estimate for March 2012, published on 30 March 2012, was 2.6%.
  • EU inflation is measured by the EICP (’European Index of Consumer Prices’ as defined in Council Regulation (EC) No 2494/95 of 23 October 1995) which is the official EU aggregate. The EU included 15 Member States until April 2004, 25 Member States from May 2004 until December 2006 and 27 Member States from January 2007. New Member States are integrated into the EICP using a chain index formula.
  • Measure used to determine price stability in Convergence reports by the Commission to the Council.
  • Data for the United Kingdom for March 2012 were not available in time for publication. Due to this fact, MUICP, EU and EEA totals were calculated using Eurostat estimates.
 

Issued by: Eurostat Press Office

Tim ALLEN

Tel: +352-4301-33 444

eurostat-pressoffice@ec.europa.eu

For further information on methodology:

Jarko PASANEN

Tel: +352-4301-36 425

estat-hicp-methods@ec.europa.eu

Eurostat News Releases on the internet: http://ec.europa.eu/eurostat

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators