Glossary
Harmonised Index of Consumer Prices (HICP)
Short answer
The Harmonised Index of Consumer Prices (HICP) is an inflation measure calculated with a common method across EU countries, published monthly by Eurostat. It is often used in euro-area contracts for price indexation because it allows comparison between countries and is published for each member state and the euro area.
By Pactinel editorial teamReviewed on October 22, 2026
HICP differs from national consumer price indices because every member state follows the same methodology, so results are comparable across borders. Eurostat publishes the index monthly for the euro area, the EU and individual countries, including a breakdown by categories of consumption.
Using HICP in a clause
A clause should state:
- Territory: euro area, the EU, or a specific country, for example Germany.
- Series: all-items HICP, unless a different category is intended.
- Reference months: a base month and a comparison month.
- Fallback: what applies if the series is replaced or discontinued.
Example clause
"The annual fee will be adjusted on January 1 by the annual rate of change of the all-items HICP for Germany, as published by Eurostat, for the most recent month available on December 1."
HICP versus national CPI
Some contracts still reference a national index. Many countries also publish a national consumer price index, and parties sometimes use that instead of HICP. The two will rarely produce an identical figure for the same period, so the exact index must be named.
See indexation and CPI.
This is general information, not legal advice.