Domestic Economy - Prices

Consumer Price Index 

The Consumer Price Index (CPI) is compiled by the National Statistical Service of Greece (NSSG) and is used for the measurement of the changes of the general level of prices of the goods and services that make up the “household basket”. The last revision of the CPI took place in 2005 based on the Household Budget Survey of the same year. The CPI is a fixed-base index and is available on a monthly basis since 1959 with 2005=100 as a base year.

Harmonized Index of Consumer Prices

The Harmonized Index of Consumer Prices (HICP) is also compiled by the NSSG together with the CPI, in the frame of the basic Council Regulation EC 2494/95 and of other 11 Regulations which lay down particular implementing measures governing the compilation of HICPs. The HICP, together with the respective indices of the member-states of the Monetary Union, enters into the computations of the Monetary Union Index of Consumer Prices (MUICP) for the measurement of inflation in the eurozone for the purposes of monetary policy, as the treaty for the Economic and Monetary Union establishes. The HICP is available since 1995 with 2005=100 as a base year. 

Inflation

The coincident indicator of economic activity

The coincident indicator of economic activity is compiled by the Bank of Greece based on the general methodological framework developed by Stock and Watson for the construction of short-run summary indicators of economic activity. The coincident indicator is derived as the “single common component” of eight main short-run indicators which reflect the current economic activity of representative individual sectors. More specifically, the short-run indicators used are the following: Private building activity according to construction permits (NSSG), cement production (NSSG), the retail trade volume (NSSG), the industrial production index (NSSG), travel receipts (Bank of Greece), non-oil exports of goods (Bank of Greece), loans to the private sector (Bank of Greece) and the Gross Domestic Product (NSSG). The indicator is expressed in monthly rates of change on an annualised basis and normalised on the GDP growth rate.

The coincident indicator of economic activity chart

For more information please use the following links:

1.Consumer Price Index: GENERAL SECRETARIAT OF THE NATIONAL STATISTICAL SERVICE OF GREECE
2. Harmonized Index of Consumer Prices: GENERAL SECRETARIAT OF THE NATIONAL STATISTICAL SERVICE OF GREECE
3. Harmonized Index of Consumer Prices: EUROPA - Eurostat - DS HICP
4. Harmonized Index of Consumer Prices: ECB: HICP
5. Bank of Greece, Bulletin of Conjunctural Indicators: Bank of Greece - Statistical Bulletins
6. Coincident indicator of economic activity: Bank of Greece Monetary Policy 2002-2003, March 2003, Box 3, pp. 59-61
7.Coincident indicator of economic activity:An indicator measuring underlying economic activity in Greece, S.G.Hall και N.G.Zonzilos, Bank of Greece Working Papers, No. 4, August 2003.