Weights in CPI/HICP and in seasonally adjusted series

Statstcs Netherlands Economc and busness statstcs and natonal accounts Government fnance and consumer prce statstcs.o.box 24500 2490 HA Den Haag The Netherlands eghts n CI/HIC and n seasonally adjusted seres Jan alschots Remarks: art of the research for ths paper was done when the author was workng as a Seconded Natonal Expert n Eurostat. The vews expressed n ths paper are those of the author and do not necesrly reflect the polces of Eurostat or Statstcs Netherlands. Date: 5 March 203

EIGHTS IN CI/HIC AND IN SEASONALLY ADJUSTED SERIES Summary: In ths paper we dscuss the weghts n a Consumer rce Index (CI). Both the fxed base Laspeyres ndex and chan-lnked Laspeyres-type ndces lke the European Harmonsed Index of Consumer rces (HIC) are dscussed. How are the weghts derved and what data are usually publshed. The central queston s what should be the weghts n the case where seasonally adjusted underlyng seres are aggregated to get a seasonally adjusted headlne ndex seres. In the case of a chan-lnked ndex the optmum weghts dffer from the publshed ones. e dscuss the possbltes to derve the optmum weghts and gve a numercal example. Keywords: CI, HIC, Laspeyres type ndex, weghts, Seasonal adjustment. Introducton Consumer prces often have a dstnct seasonal pattern. The most wdely used response to the seasonal varton of the Consumer rce Index (CI) s to focus on year-on-year nflaton results. Another response s to calculate seasonally adjusted ndces and month-on-month rates of change that reflect recent developments n nflaton whch abstract from regular seasonal effects. Many statstcal nsttutes, ncludng Statstcs Netherlands and Eurostat, do not produce seasonally adjusted seres for the CI or HIC (European Harmonsed Index of Consumer rces) themselves but other organtons may use offcl statstcs to produce them. Bascally two approaches for complng these seres are possble. In a drect approach seasonal adjustment s appled drectly to each seres of nterest, e.g. the headlne overall ndex seres. There s also an ndrect approach. Consderng that the overall CI s the weghted aggregate of a number of underlyng prce ndex seres, t s also possble to apply seasonal adjustment to (a subset of) these underlyng seres and then aggregate them to get a seasonally adjusted overall aggregate ndex seres. Ths paper deals wth ndrect seasonal adjustment methods for the CI. It s attempted to answer the queston whch weghts must be used for aggregatng the seasonally adjusted elementary aggregates n order to get an unbsed seasonally The author wshes to thank Martn Eglsperger (ECB) for valuable comments on an earler draft. All remanng errors are mne.

adjusted headlne seres. It s not about the seasonal adjustment of the elementary aggregates tself. In secton 2 we dscuss the alternatve ways to represent a fxed base Laspeyres ndex and the correspondng weghts. Ths leads n secton 3 to a more general representaton of a chan-lnked Laspeyres ndex, whch s used for the HIC. In secton 4 we dscuss the combnng of weghts based on annual consumpton wth monthly ndces and the related problems of seasonaltes. Secton 5 presents the weghts n an annually chaned CI wth a monthly ndex. In secton 6 we gve a short descrpton of the HIC-regulaton on weghts and the weghts that are actually publshed by Eurostat. In secton 7 the drect and ndrect approach for seasonal adjustment are compared. The rest of the paper wll be on the ndrect approach. In secton 8 we dscuss the weghts to be used n a seasonally adjusted fxed base Laspeyres seres and n secton 9 we do the me for a seasonally adjusted chan-lnked seres lke the HIC. In the latter case the publshed weghts are not the best for the seasonally adjusted seres on theoretcal consderatons. It s also derved how corrected weghts for seasonally adjusted seres can be derved from the publshed weghts. In secton 0 we make a comparson of results on the bass of seasonally adjusted HIC seres publshed by the European Central Bank (ECB). In the presented examples the dfferences between the alternatve results are small, but we wll dscuss under what crcumstances these dfferences may be larger. 2. eghts n a Laspeyres type CI 2. The basc Laspeyres formula Ths paper deals wth CIs that are compled as Laspeyres type ndex seres. A Laspeyres prce ndex can be descrbed fully by prces and quanttes of a basket of goods and servces, purchased by consumers. Let and Q be the prce and quantty purchased of good or servce n perod a. The Laspeyres ndex U ab measures the average prce development between perods a and b of a basket of all goods and servces that were purchased n perod a. It can be wrtten as: () U ab b The formula for the overall prce ndex s usually transformed nto a formula that separates the overall ndex nto the prce change of each product (a good or a servce) and related weght ndcators. 2

(2) U ab b / b b b wth (3) The weghts represent the expendture shares of products n base perod a. Ths s also the formula normally used n practcal calculatons. The weghts and elementary prce ndces b / are not observed for all ndvdual products but at some elementary product group level. 2.2 A chan lnked representaton of the fxed basket Laspeyres ndex. A Laspeyres ndex coverng a longer perod can also be wrtten as a chan lnked ndex, even f the basket of goods and servces does not change. Each lnk s a Lowe ndex 2 coverng shorter perods. (4) U ab b Ths can be wrtten as (5) U ab ( a+ ), x+ b b Π Π x a x a x ( a+ 2) ( a+ ), a, x, x+ x.. b ( b ) wth (6), a, x x x, a, a x x In ths case a represents the base perod n whch the basket of goods and servces was determned and x the ndex reference perod (perod where the ndex) for the chan-lnk. Note that n ths chan-lnk representaton of the fxed basket Laspeyres ndex the sets of weghts,a,x are calculated n each perod usng the me product quanttes Q but they dffer because of dfferent prce relatves of the products n each perod. Ths rght hand term of equaton 6 shows the process of prce-updatng. The three parts of the expresson on the rght of equaton 6 represent: 2 The Lowe ndex s a more general ndex than the Laspeyres ndex n that the quanttes Q n a Laspeyres ndex represent the consumpton basket n the base perod a, whereas n the Lowe ndex the perod n whch the consumpton basket was measured s not strctly defned. 3

- the weghts n the base year at base year prces, - the relatve of the prce of product n perod x compared to base perod a, - the nverse of the prce development of the full basket between the two perods. 2.3 The general case of the chan-lnked Laspeyres ndex A more general case of the Laspeyres formula for a longer term perod s one where the weghts may be adjusted on other grounds than changng prce relatves, namely changng consumpton patterns. The weghts x n equaton (7) represent estmates for the expendture shares of product used n the ndex calculaton n perod x+. b, x+ (7) U Π ab x a x x Note that the subscrpt a has dppeared n the weghts snce the weghts n perod x are no longer based on the expendtures n perod a. Each perod a new estmate for the weghts s entered and used for the calculaton of the ndex n t+. 3. Annual weghts and monthly ndces The consumpton basket n the CI s usually based on a 2-month consumpton perod. Ths s very often, but not necesrly a calendar year. The choce of a 2- month perod s based on the fact that the consumpton pattern s not the me n each month of the year, due to varyng weather condtons, avalablty of seasonal products, holday perods and etcetera. By takng the consumpton n 2 months (or a multple of 2 months) we make sure that all consumpton durng the year s covered by the CI. Ths does not prevent statstcns from makng monthly or quarterly CIs. The producton of monthly fgures may n prncple ntroduce two knds of seasonalty: seasonalty n the consumpton pattern and seasonalty n the prces. The am of the CI s to measure the development of prces and therefore the mpacts of changng consumpton patterns are elmnated to the extent possble. Seasonalty n consumpton patterns s related to seasonal products that are not avalable for purchase by consumers n all months. Ths also means that prces for these products cannot be observed when they are out of season. The HICregulatons 3 have defned two dstnct methods that can be used for the treatment of seasonal products. 3 Detals of the HIC methods can be found n the Commsson Regulaton (EC) no. 330/2009 of 22 Aprl 2009. It goes beyond the scope of ths paper to dscuss fully the treatment of seasonal products. 4

The frst one s the class confned seasonal weghts method. Ths method s based on seasonal product weghts, wth restrctons that ensure that product weghts add up to fxed aggregate weghts at each subdvson of COICO. The second allowed method s the use of a strct annual weghts ndex where mssng prces are estmated usng ether counter-seasonal estmaton or allseasonal estmaton. hat s mportant here s that n both methods for the treatment of seasonal products n the HIC, the COICO weghts are fxed at each subdvson of COICO. The fact that n prncple there s no seasonal pattern n the consumpton as represented by the weghtng scheme of the CI reflects the general property of the CI that the monthly ndces do not represent the prces for the basket consumed n the reportng month but the prce level of the annual basket n that month. For the rest of ths paper we wll only deal wth the seasonal patterns of prces, not wth the seasonal patterns of consumpton. 4. eghts n a chan-lnked and monthly HIC The HIC s a chan-lnked Laspeyres-type prce-ndex seres 4. For a month m n the perod of 2 months between December t- and December t the ndex s calculated and lnked as n equatons (8) and (9). The ndex reference perod or the base year of the publshed seres s 2005. In these equatons m represents the reportng month and D represents December: (8) U 2005( ( 2005) Ths can be wrtten as:,2005,2005,2005 Π A 2 x 2005 ( x+ ) ( x) ( x) ( x) ( ( A ) ( 2005) (9) 2 ( x+ ) A ( U Π 2005 ( (2005) x 2005 ( x) ( A ) (2005) ( x) ( wth ( A ) ( A ) A ) (0) ( x) ( x) ( x) ( x) ( x) 4 The term "Laspeyres-type" follows from the HIC-regulatons of 996. Actually the HIC s a chan-lnked seres of Lowe ndces. The use of the term Lowe ndex was ntroduced wth the ILO-CI-manual n 2004. 5

s the December weght for product group n the year x. Ths weght s used from December x tll December x+. Furthermore () (2005) (2005) (2005) (2005) (2005) s the annual weght for 2005, the ndex reference year for the long tme HIC seres. 5 It was explaned s secton 4 that the monthly ndces are based on annual baskets of goods and servces and therefore Q ( s n fact Q A and equaton (0) may be rewrtten as (2) where (3) (, A A A A ( A ( A A, A ( A A ( A Equaton (2) states that the weght n December of year A for product group can be wrtten as the product of three elements 6 : - the weght n the full year A. A 5 Actually the HIC seres started n 996. In 2006 the results at all levels of publcaton were rescaled to make the average ndces n 2005 equal 00. 6 Note that A s not the average trancton prce n year A but the average of the 2 monthly prce ndces for product group : 2 (5.) /2 A ( m The average expendture share for a product n year A could be wrtten as (5.2) ( m, A 2 2 m ( ( ( However, snce n the CI Q ( Q A we can wrte (5.3), A ( m 2 2 m ( A A ( m 2 QA Q A 2 m 6 ( QA A Q A A

- The prce relatve for product group comparng the December prce ndex wth the annual average prce ndex - The nverse of the Laspeyres prce ndex comparng December prces of the full basket of year A wth the annual average prces n year A. 5. The relatonshp between the consumpton basket and the publshed weghts Consumpton patterns change over tme and therefore a regular update of the weghtng schemes of the CI s necesry to guarantee the representatveness of the basket. A decade ago base revsons once every fve years were rather common, but ever more countres have changed to an annual base revson. In the me perod there was a development of the sources used for the weghts. here n the past the Household Budget Survey was the man source for the weghts, the focus has shfted towards weghts based on Natonal Accounts consumpton data. The HIC regulaton on weghts prescrbes that weghts n the HIC n year t are based on an estmate of the consumpton pattern of year t-. hen the weghts for year t are frst needed, n January of year t, Natonal Accounts (N results for the year t- are not yet avalable. Therefore NA-consumpton data for the year t-2 are used. Under normal crcumstances the dstrbuton of expendtures n t-2 s used drectly as an estmate for the expendtures n year t-. 7 Member states are recommended to check the weghts and correct for known sudden changes n the expendtures dstrbuton for year t- before fnalzng the year t- HIC annual weghts. In a fnal step these annual weghts are prce-updated to December t- weghts,.e the expendture shares estmated for year t- are expressed n prces of December of that year t-. 6. Seasonal adjustment; drect and ndrect approach Seasonalty n prces complcates the nterpretaton of short term ndex development. These problems can be solved ether by focussng on year-on-year changes of the ndex, the annual nflaton, or by seasonal adjustment of the seres. The headlne ndex seres s an aggregate of the prce ndces of underlyng seres. Seasonal adjustment of the headlne seres can be performed n two ways, ether by drect seasonal adjustment of the headlne seres or by makng seasonally adjusted seres for a set of underlyng seres and then aggregate them. e wll call the second method the ndrect approach of seasonal adjustment. 7 Several European countres nvestgated n the past years what s a better predctor of the expendtures dstrbuton n year t-. as t ether the expendtures dstrbuton n year t-2 or was t the expendtures dstrbuton n year t-2 prce-updated to the year t-? It came out that the expendture dstrbuton was the better predctor. 7

The ndrect approach mght be preferred, snce the seasonal adjustment factors for the separate product groups are easer to dentfy, estmate and nterpret than the seasonal pattern of the headlne seres whch may be composed of varous dfferent seasonal patterns. Another relevant aspect s the fact that changng consumpton patterns n the course of tme may affect the seasonal adjustment factors of the aggregate ndex, even f the seasonal patterns of the prces for the underlyng product groups do not change. Extractng seasonal patterns of underlyng seres whose profles are pronounced and suffcently stable over tme may gve better results than an adjustment for a changng pattern when applyng a drect approach of seasonal adjustment to the headlne seres. For the purpose of nterpretaton, nflaton analyses and forecastng the ndrect approach to seasonal adjustment has the advantage of provdng a set of seasonally adjusted component seres whch perfectly aggregate to the total seres. By contrast, a drectly seasonally adjusted total seres mght devte to a sgnfcant extent from the aggregate of ts seasonally adjusted component seres. It s to the researchers to decde whch of the underlyng seres are to be seasonally adjusted and for whch seres the unadjusted seres can be used. However, the sum of all the mnor seasonaltes n the unadjusted seres used n the aggregaton may add up to some seasonal pattern n the seasonally adjusted aggregate headlne seres. If a drect approach of the seasonal adjustment of the headlne ndex were used all these mnor seasonal effects may also be extracted. e wll not go deeper nto ths choce between the drect or ndrect approach, but for the rest concentrate on how the ndrect approach s to be performed. 7. eghts n a fxed base seasonally adjusted CI-seres e wll now dscuss what the weghts wll be f we make a seasonal adjustment n a number of the underlyng prce ndex seres of product groups. These were the equatons for the unadjusted seres: (4) U wth ( t) a( m. t) ( t) (5) Now f we use seasonally adjusted prce seres nstead of the unadjusted seres, these equatons become: (6) U ( t) a( m. t) ( t) 8

wth (7) Q For the complaton of (6) we need both the seasonally adjusted seres and the seasonally adjusted weghts. The seres can be calculated by researchers on the bass of publshed seres, but only the unadjusted weghts are avalable. The queston therefore s under what condtons the weghts and the seasonally adjusted weghts are equal. e can wrte (8) Q As explaned n secton 4 we are dealng only wth seasonal pattern of prces and not wth a seasonal pattern of consumpton. Therefore we can replace the equaton (8) reduces to (9) It s clear that f all However, whether or not are equal to the weghts Q by Q and and are equal. and are equal may depend on the procedure that was used for the calculaton of the seasonally adjusted prce ndex seres and therefore cannot be taken for granted. e may however conclude that n general the weghts. Consderng that both and are equal f and are annual averages of prces we may assume that, n practce, they wll tend to be very close to each other. 8. eghts n a chan lnked seasonally adjusted CI-seres In a chan lnked Laspeyres ndex seres weghts are updated annually and they are determned n a way that dffers from the fxed base Laspeyres case. The formula for the weghts was developed n secton 4 and accordng to equaton (0) 9

(20) ( ( ( ( ( s the December weght for product group n the year A. Ths weght s used from December A tll December A+. Agan we are dealng only wth seasonal pattern of prces and not wth a seasonal pattern of consumpton. Therefore after replacng Q ( by Q A the equaton (20) reduces to (2) ( ( ( A A Lkewse the weghts for the seasonally adjusted seres can be wrtten as: (22) ( D, ( D, ( D, A A Combnng (2) and (22) we can wrte (23) ( D, ( ( D, ( A A ( ( D, A A The last term of ths expresson s constant for all product groups and also we know that Q A s equal to Q A and that the sum of the weghts must be. Therefore the expresson (23) can be reduced to (24) and where ( ( (25) ( ( ( The seasonally adjusted December prce prce ( and therefore D, A ) ( s not equal to the non-adjusted,( s not n general equal to (. 9. Calculatng the weghts n practce Havng establshed what the correct weghts should be n an ndrect approach of seasonal adjustment of the HIC, the queston remans how t works out n practce. 0

Frst of all the queston s whether all necesry nformaton s publcly avalable. Unfortunately ths s not the case. The weghts ( are publshed by Eurostat. rce ndces ( are also publshed. Eurostat does not perform any seasonal adjustment on any of the seres. Researchers who want to perform seasonal adjustments can perform them by themselves on the bass of the publshed orgnal seres to obtan (. But even then not all necesry data are avalable for researchers that want to calculate the correct weghts and perform the seasonal adjustment. The problem s that the weghts for December of year A are based on the consumpton expendtures of the year A-, prce updated from annual average prces to December prces of ths new basket. On the other hand the publshed prce ndex for December of year A and the publshed average annual ndex for year A were stll calculated on the bass of the basket of year A-2. Therefore the mpact of the prce-updatng process of the new weghts cannot be calculated exactly. 0. A practcal example; comparson of seres In ths secton we wll compare some results of ndrect seasonal adjustment usng dfferent weghts. Statstcs Netherlands does not publsh any seasonally adjusted tme seres for the CI or HIC of the Netherlands. In order to make a comparson we used tme seres of seasonally adjusted HIC results for the euro area. The European Central Bank (ECB) publshes a number of seasonally adjusted seres for the euro area HIC. e extracted these seres from ther database (www.ecb.nt). Orgnal HIC seres and weghts were extracted from the Eurostat database. e used the followng seres to make test calculatons for the aggregaton. The frst subdvson s n four major groups of products: - Food (ncludng and tobacco), - Non-energy ndustrl goods, - Servces and - Energy. For Energy the ECB does not publsh a seasonally adjusted seres, and therefore we used the orgnal one 8. A summary table wth all data and results s at the end of ths document. In the second subdvson we subdvded Food nto 5 parts to get a total of 8 seres: - Meat, - Fsh and seafood, - Fruts, 8 Accordng to the ECB s DG Statstcs dentfble seasonalty s not found n the euro area HIC seres for energy.

- Vegetables and - The other Food subgroups called rocessed food ncludng and tobacco. Results of ths subdvson are n summary table 2. The orgnal weghts as publshed and the corrected weghts after applyng equaton (24) are n tables 3 and 4. To test the possble accuracy of the aggregaton process we frst calculated aggregated tme seres from December 2003 tll December 202 from the publshed orgnal seres. Snce the publshed seres for the euro area are rounded at two decmal fgures (both the ndces and the weghts) there are mnor roundng dfferences n the calculaton. Secondly we replaced the orgnal ndex seres by the seasonally adjusted seres, as publshed by the ECB and we used the me weghts for the unadjusted seres. Fnally we corrected the weghts accordng to equaton (24) and (25) usng the publshed December fgures for the orgnal and seasonally adjusted seres, and agan performed the aggregaton of the seasonally adjusted seres. The results of the calculatons can be summarzed as follows: - The level of detal n the publcaton of the Eurostat data (2 decmal places for ndces and for weghts) allows the recalculaton of the aggregaton process wth rather hgh precson. Snce 2006 the dfference between the publshed and recalculated fgures n table s between -0.0089 and +0.035. Before 2006 (seres 99600) the ndces were publshed at one decmal place and the dfferences are larger. The results n table 2 are almost the me. - The ECB currently calculates the seasonally adjusted headlne nflaton fgure from aggregaton of the four seres specfed n table usng the orgnal weghts publshed by Eurostat. The dfference between my recalculaton and the ECB publcaton s between -0.0006 and +0.0004 may be attrbutable to the roundng at 5 decmal places of the seasonally adjusted seres. The dfferences n table 2 are bgger than n table - After replacng the weghts by adjusted weghts n the aggregaton the ndces develop a bt faster. hle the dfferences are zero n 2005 they are 0.03 by the end of 202, both n table and 2. It appears that the dfferences between the aggregated seres usng unadjusted weghts and those usng adjusted weghts are very small n ths practcal example. The practcal mportance n ths example s therefore lmted. The queston remans under what condtons the use of adjusted weghts may have a larger mpact. Under what condtons may we expect a hgher mpact? - It depends on the sze of the seasonal factor n December. If December prces are on the long term trend lne the rght hand term of equaton (24) becomes and the weghts are the me. 2

- It depends on the dfference between the prce trend of the product wth a large seasonal pattern and the overall nflaton. roduct groups that closely follow the general nflaton trend have hardly any mpact on the aggregated results. In ths respect t s nterestng to see that the ECB does not calculate a seasonally adjusted seres for energy where the prce trend s far above average nflaton. Furthermore the fact that the results were calculated for euro area average fgures may have contrbuted to the small sze of the mpact. The dfferences may be larger for some ndvdual countres but cancel out to a larger extent n the euro area aggregate. Lastly the presented example s an aggregaton of four rather hgh aggregates. It may be that wthn these aggregates certan seasonal effects at lower level and the mpact of the correct weghts have cancelled out. The avalable data dd not allow to test ths hypothess. 3

A. Glosry The followng notaton was used n the text and equatons. Varbles Q U rce Quantty eght factor Laspeyres or Lowe ndex Subscrpts A subscrpt denotng product group subscrpt denotng year A ( subscrpt denotng month m of year A ( subscrpt denotng month December of year A a b subscrpt denotng base perod subscrpt denotng reportng perod Superscrpt superscrpt denotng seasonally adjusted fgure Mscellaneous s proportonal to Example: U s the ndex comparng prces n month m of year A wth the average prce 2005( level n the year 2005. 4

HIC Index seres, 200500, euro area Orgnal seres; source Eurostat Seasonally adjusted seres; source ECB Own aggregaton on publshed data Comparson of results Orgnal Seasonally adjusted seres seres unadjusted adjusted weghts weghts Food ncludng Servces ndex Food ncludng Servces ndex Chaned Chaned Chaned 2 - and ndustrl excludng All-tems and Energy ndustrl excludng All-tems seres seres seres - column tobacco Energy goods goods) HIC tobacco (not ) goods goods) HIC 200500 200500 200500 column 5 0 2 3 4 5 6 7 8 9 0 2 3 4 5 6 202Dec 20,88 44,84 07,30 5,89 6,89 2,085 44,8400 06,534 5,7489 6,5028 6,897 6,5026 6,5327 0,007-0,0002 0,0299 202Nov 20,48 45,63 07,59 4,70 6,48 20,7460 45,6300 06,0720 5,3566 6,3239 6,4880 6,3235 6,3533 0,0080-0,0003 0,0295 202Oct 20,04 47,76 07,44 5,0 6,7 20,4934 47,7600 05,8804 5,3382 6,4042 6,722 6,4037 6,4343 0,02-0,0005 0,0302 202Sep 9,26 48,43 06,75 5,4 6,44 9,8828 48,4300 05,7357 5,2327 6,2629 6,4422 6,263 6,2935 0,0022 0,0002 0,0306 202Aug 9,00 46,82 03,7 6,2 5,59 9,5828 46,8200 05,5665 5,2673 6,0232 5,5949 6,0232 6,0532 0,0049 0,0000 0,0300 202Jul 9,05 43,36 03,2 5,9 5,4 9,203 43,3600 05,580 5,0859 5,5667 5,480 5,5668 5,5953 0,0080 0,000 0,0285 202Jun 9,49 42,5 06,76 4,78 5,76 9,66 42,500 05,6677 4,8092 5,363 5,7649 5,36 5,3887 0,0049-0,0002 0,0274 202May 9,08 44,55 07,07 4,42 5,85 8,6359 44,5500 05,6083 4,6024 5,3776 5,8527 5,3778 5,4056 0,0027 0,0002 0,0279 202Apr 8,89 46,60 07,02 4,48 6,0 8,488 46,6000 05,5068 4,4698 5,4498 6,042 5,4493 5,4777 0,0042-0,0004 0,0279 202Mar 8,8 45,03 06,30 4,09 5,47 8,3249 45,0300 05,3758 4,287 5,329 5,4727 5,326 5,603 0,0027-0,0003 0,0275 202Feb 8,40 42,78 02,58 3,95 3,99 8,0534 42,7800 05,635 4,0647 4,7484 3,9920 4,7480 4,775 0,0020-0,0005 0,0267 202Jan 7,66 4,7 02,40 3,42 3,43 7,4930 4,700 05,0772 3,8950 4,4005 3,434 4,4006 4,4267 0,004 0,000 0,0262 20Dec 7,8 37,64 06,9 3,85 4,35 7,3978 37,6400 05,0650 3,7073 3,9803 4,360 3,9800 4,0048 0,00-0,0003 0,0245 20Nov 6,94 37,75 06,42 2,85 3,98 7,246 37,7500 04,9806 3,492 3,8407 3,9834 3,8408 3,8655 0,0034 0,0002 0,0248 20Oct 6,43 36,86 06,27 3,4 3,88 6,8728 36,8600 04,8327 3,3765 3,6024 3,8789 3,608 3,6260-0,00-0,0006 0,0237 20Sep 5,85 36,06 05,48 3,22 3,48 6,4423 36,0600 04,630 3,307 3,3542 3,4866 3,3544 3,3784 0,0066 0,0002 0,0242 20Aug 5,54 34,86 02,07 4,4 2,65 6,0874 34,8600 04,46 3,2326 2,998 2,6523 2,9982 3,0225 0,0023 0,000 0,0244 20Jul 5,68 35, 0,60 3,86 2,43 5,7983 35,00 03,8638 3,0547 2,8077 2,4420 2,8076 2,832 0,020-0,000 0,0244 20Jun 5,79 33,98 05,40 2,82 3,09 5,4694 33,9800 04,4287 2,846 2,732 3,0944 2,7307 2,753 0,0044-0,0005 0,029 20May 5,86 34,69 05,72 2,42 3,0 5,426 34,6900 04,3793 2,5723 2,6595 3,059 2,6595 2,6820 0,0059 0,0000 0,0225 20Apr 5,3 35,56 05,63 2,53 3,09 4,930 35,5600 04,2480 2,533 2,5886 3,0997 2,5885 2,60 0,0097-0,000 0,0224 20Mar 5,07 33,62 04,86 2,2 2,46 4,686 33,6200 04,037 2,2443 2,690 2,4707 2,688 2,907 0,007-0,0002 0,027 20Feb 4,57 30,34 0,52,9 0,96 4,253 30,3400 03,7963 2,0089,6288 0,964,6282,649 0,004-0,0006 0,0202 20Jan 4,0 29,24 0,44,32 0,50 3,9083 29,2400 03,9302,7724,4065 0,5060,4065,426 0,0060 0,0000 0,096 200Dec 3,62 25,49 04,95,68,29 3,8385 25,4900 03,8655,546 0,9353,2952 0,9347 0,953 0,0052-0,0005 0,078 200Nov 3,3 22,68 05,0 0,80 0,62 3,437 22,6800 03,7966,433 0,5306 0,6257 0,5306 0,5479 0,0057 0,0000 0,072 200Oct 2,66 2,72 04,94,0 0,52 3,0865 2,7200 03,6850,338 0,3062 0,5245 0,3058 0,3226 0,0045-0,0003 0,065 200Sep 2,48 2,02 04,23,06 0,9 3,049 2,0200 03,6222,375 0,348 0,924 0,349 0,54 0,0024 0,000 0,066 200Aug 2,54 20,66 02,05,90 09,85 3,0527 20,6600 03,7299,0403 0,0957 09,854 0,0955 0,6 0,004-0,0003 0,059 200Jul 2,7 20,83 0,62,59 09,63 2,7964 20,8300 03,6954 0,832 09,9592 09,6388 09,9586 09,9745 0,0088-0,0006 0,053 200Jun 2,78 20,77 04,42 0,64 0,0 2,4723 20,7700 03,5952 0,662 09,7995 0,097 09,7988 09,844 0,0097-0,0006 0,050 200May 2,65 2,23 04,63 0,43 0,0 2,268 2,2300 03,445 0,568 09,7054 0,049 09,7048 09,7206 0,0049-0,0006 0,05 200Apr 2,78 20,55 04,55 0,29 09,98 2,3949 20,5500 03,3285 0,3093 09,5363 09,984 09,5364 09,552 0,004 0,000 0,058 200Mar 2,4 8,2 03,97 0,33 09,53 2,0287 8,200 03,3282 0,4692 09,395 09,5383 09,393 09,3342 0,0083-0,0002 0,047 200Feb 2,02 5,26 0,45 0,2 08,33,7365 5,2600 03,370 0,2063 08,889 08,335 08,888 08,8953 0,005-0,000 0,034 200Jan,94 5,4 00,94 09,69 07,99,73 5,400 03,46 0,46 08,7993 07,9995 08,7989 08,827 0,0095-0,0005 0,034 2009Dec,24 3,06 04,2 0,27 08,88,4536 3,0600 03,96 0,252 08,5563 08,8932 08,5562 08,5690 0,032-0,000 0,027 2009Nov, 3,68 04,2 09,36 08,54,4055 3,6800 03,066 09,9727 08,4863 08,5523 08,4863 08,4995 0,023 0,000 0,032 2009Oct 0,84 2,4 04,06 09,62 08,4,259 2,400 02,9692 09,867 08,2559 08,49 08,2559 08,2685 0,009 0,0000 0,026 3 - column 0

Summary table : HIC Index seres, 200500, euro area Orgnal seres; source Eurostat Seasonally adjusted seres; source ECB Own aggregaton on publshed data Comparson of results Orgnal Seasonally adjusted seres seres unadjusted adjusted weghts weghts Food ncludng Servces ndex Food ncludng Servces ndex Chaned Chaned Chaned 2-22 - and ndustrl excludng All-tems and Energy ndustrl excludng All-tems seres seres seres column column tobacco Energy goods goods) HIC tobacco (not ) goods goods) HIC 200500 200500 200500 0 20 7 8 9 0 7 8 9 20 2 22 23 24 25 26 202Dec 20,88 44,84 07,30 5,89 6,89 2,085 44,8400 06,534 5,7489 6,5028 6,897 6,5026 6,5327 0,007-0,0002 0,0299 202Nov 20,48 45,63 07,59 4,70 6,48 20,7460 45,6300 06,0720 5,3566 6,3239 6,4880 6,3235 6,3533 0,0080-0,0003 0,0295 202Oct 20,04 47,76 07,44 5,0 6,7 20,4934 47,7600 05,8804 5,3382 6,4042 6,722 6,4037 6,4343 0,02-0,0005 0,0302 202Sep 9,26 48,43 06,75 5,4 6,44 9,8828 48,4300 05,7357 5,2327 6,2629 6,4422 6,263 6,2935 0,0022 0,0002 0,0306 202Aug 9,00 46,82 03,7 6,2 5,59 9,5828 46,8200 05,5665 5,2673 6,0232 5,5949 6,0232 6,0532 0,0049 0,0000 0,0300 202Jul 9,05 43,36 03,2 5,9 5,4 9,203 43,3600 05,580 5,0859 5,5667 5,480 5,5668 5,5953 0,0080 0,000 0,0285 202Jun 9,49 42,5 06,76 4,78 5,76 9,66 42,500 05,6677 4,8092 5,363 5,7649 5,36 5,3887 0,0049-0,0002 0,0274 202May 9,08 44,55 07,07 4,42 5,85 8,6359 44,5500 05,6083 4,6024 5,3776 5,8527 5,3778 5,4056 0,0027 0,0002 0,0279 202Apr 8,89 46,60 07,02 4,48 6,0 8,488 46,6000 05,5068 4,4698 5,4498 6,042 5,4493 5,4777 0,0042-0,0004 0,0279 202Mar 8,8 45,03 06,30 4,09 5,47 8,3249 45,0300 05,3758 4,287 5,329 5,4727 5,326 5,603 0,0027-0,0003 0,0275 202Feb 8,40 42,78 02,58 3,95 3,99 8,0534 42,7800 05,635 4,0647 4,7484 3,9920 4,7480 4,775 0,0020-0,0005 0,0267 202Jan 7,66 4,7 02,40 3,42 3,43 7,4930 4,700 05,0772 3,8950 4,4005 3,434 4,4006 4,4267 0,004 0,000 0,0262 20Dec 7,8 37,64 06,9 3,85 4,35 7,3978 37,6400 05,0650 3,7073 3,9803 4,360 3,9800 4,0048 0,00-0,0003 0,0245 20Nov 6,94 37,75 06,42 2,85 3,98 7,246 37,7500 04,9806 3,492 3,8407 3,9834 3,8408 3,8655 0,0034 0,0002 0,0248 20Oct 6,43 36,86 06,27 3,4 3,88 6,8728 36,8600 04,8327 3,3765 3,6024 3,8789 3,608 3,6260-0,00-0,0006 0,0237 20Sep 5,85 36,06 05,48 3,22 3,48 6,4423 36,0600 04,630 3,307 3,3542 3,4866 3,3544 3,3784 0,0066 0,0002 0,0242 20Aug 5,54 34,86 02,07 4,4 2,65 6,0874 34,8600 04,46 3,2326 2,998 2,6523 2,9982 3,0225 0,0023 0,000 0,0244 20Jul 5,68 35, 0,60 3,86 2,43 5,7983 35,00 03,8638 3,0547 2,8077 2,4420 2,8076 2,832 0,020-0,000 0,0244 20Jun 5,79 33,98 05,40 2,82 3,09 5,4694 33,9800 04,4287 2,846 2,732 3,0944 2,7307 2,753 0,0044-0,0005 0,029 20May 5,86 34,69 05,72 2,42 3,0 5,426 34,6900 04,3793 2,5723 2,6595 3,059 2,6595 2,6820 0,0059 0,0000 0,0225 20Apr 5,3 35,56 05,63 2,53 3,09 4,930 35,5600 04,2480 2,533 2,5886 3,0997 2,5885 2,60 0,0097-0,000 0,0224 20Mar 5,07 33,62 04,86 2,2 2,46 4,686 33,6200 04,037 2,2443 2,690 2,4707 2,688 2,907 0,007-0,0002 0,027 20Feb 4,57 30,34 0,52,9 0,96 4,253 30,3400 03,7963 2,0089,6288 0,964,6282,649 0,004-0,0006 0,0202 20Jan 4,0 29,24 0,44,32 0,50 3,9083 29,2400 03,9302,7724,4065 0,5060,4065,426 0,0060 0,0000 0,096 200Dec 3,62 25,49 04,95,68,29 3,8385 25,4900 03,8655,546 0,9353,2952 0,9347 0,953 0,0052-0,0005 0,078 200Nov 3,3 22,68 05,0 0,80 0,62 3,437 22,6800 03,7966,433 0,5306 0,6257 0,5306 0,5479 0,0057 0,0000 0,072 200Oct 2,66 2,72 04,94,0 0,52 3,0865 2,7200 03,6850,338 0,3062 0,5245 0,3058 0,3226 0,0045-0,0003 0,065 200Sep 2,48 2,02 04,23,06 0,9 3,049 2,0200 03,6222,375 0,348 0,924 0,349 0,54 0,0024 0,000 0,066 200Aug 2,54 20,66 02,05,90 09,85 3,0527 20,6600 03,7299,0403 0,0957 09,854 0,0955 0,6 0,004-0,0003 0,059 200Jul 2,7 20,83 0,62,59 09,63 2,7964 20,8300 03,6954 0,832 09,9592 09,6388 09,9586 09,9745 0,0088-0,0006 0,053 200Jun 2,78 20,77 04,42 0,64 0,0 2,4723 20,7700 03,5952 0,662 09,7995 0,097 09,7988 09,844 0,0097-0,0006 0,050 200May 2,65 2,23 04,63 0,43 0,0 2,268 2,2300 03,445 0,568 09,7054 0,049 09,7048 09,7206 0,0049-0,0006 0,05 200Apr 2,78 20,55 04,55 0,29 09,98 2,3949 20,5500 03,3285 0,3093 09,5363 09,984 09,5364 09,552 0,004 0,000 0,058 200Mar 2,4 8,2 03,97 0,33 09,53 2,0287 8,200 03,3282 0,4692 09,395 09,5383 09,393 09,3342 0,0083-0,0002 0,047 200Feb 2,02 5,26 0,45 0,2 08,33,7365 5,2600 03,370 0,2063 08,889 08,335 08,888 08,8953 0,005-0,000 0,034 200Jan,94 5,4 00,94 09,69 07,99,73 5,400 03,46 0,46 08,7993 07,9995 08,7989 08,827 0,0095-0,0005 0,034 2009Dec,24 3,06 04,2 0,27 08,88,4536 3,0600 03,96 0,252 08,5563 08,8932 08,5562 08,5690 0,032-0,000 0,027 2009Nov, 3,68 04,2 09,36 08,54,4055 3,6800 03,066 09,9727 08,4863 08,5523 08,4863 08,4995 0,023 0,000 0,032 2009Oct 0,84 2,4 04,06 09,62 08,4,259 2,400 02,9692 09,867 08,2559 08,49 08,2559 08,2685 0,009 0,0000 0,026 23 - column 20

Summary table : HIC Index seres, 200500, euro area Orgnal seres; source Eurostat Seasonally adjusted seres; source ECB Own aggregaton on publshed data Comparson of results Orgnal Seasonally adjusted seres seres unadjusted adjusted weghts weghts Food ncludng Servces ndex Food ncludng Servces ndex Chaned Chaned Chaned 2-22 - and ndustrl excludng All-tems and Energy ndustrl excludng All-tems seres seres seres column column tobacco Energy goods goods) HIC tobacco (not ) goods goods) HIC 200500 200500 200500 0 20 7 8 9 0 7 8 9 20 2 22 23 24 25 26 2009Sep 0,82 2,33 03,29 09,56 08,6,3535 2,3300 02,9389 09,6262 08,854 08,704 08,850 08,976 0,004-0,0004 0,023 2009Aug 0,82 3,75 0,75 0,33 08,4,2778 3,7500 03,780 09,52 08,3304 08,432 08,330 08,3425 0,0032-0,0003 0,022 2009Jul,25,74 0,22 0,09 07,77,3007,7400 03,29 09,3530 08,0622 07,7743 08,0624 08,0743 0,0043 0,000 0,02 2009Jun,73 3,74 03,82 09,2 08,48,4353 3,7400 03,0600 09,2336 08,2077 08,497 08,2075 08,220 0,07-0,0002 0,024 2009May,76 0,97 04,2 09,06 08,27,3357 0,9700 03,0657 09,595 07,9032 08,2707 07,9033 07,95 0,0007 0,0002 0,09 2009Apr,85 0,53 04,09 09,0 08,2,4794 0,5300 03,023 09,044 07,8282 08,268 07,8276 07,8393 0,0068-0,0006 0,0 2009Mar,9 0,26 03,42 08,60 07,82,5928 0,2600 02,9245 08,737 07,6678 07,8272 07,6680 07,6797 0,0072 0,0002 0,09 2009Feb 2,03,57 0,57 08,66 07,42,7922,5700 03,0637 08,794 07,8632 07,4245 07,8627 07,8746 0,0045-0,0005 0,05 2009Jan 2,0 0,98 0,05 08,3 06,98,7352 0,9800 02,960 08,5265 07,6867 06,9872 07,6862 07,6980 0,0072-0,0005 0,03 2008Dec,43,0 03,77 08,53 07,88,646,000 02,8405 08,395 07,5786 07,8865 07,5786 07,5905 0,0065 0,0000 0,09 2008Nov,27 6,48 03,94 07,62 08,02,5902 6,4800 02,8354 08,2234 07,999 08,0293 07,998 08,0049 0,0093-0,000 0,029 2008Oct,29 22,54 03,7 07,73 08,55,7258 22,5400 02,7636 07,9672 08,4372 08,5557 08,4373 08,459 0,0057 0,000 0,047 2008Sep,0 26,6 02,8 07,67 08,52,5353 26,600 02,6268 07,727 08,5869 08,528 08,5867 08,602 0,008-0,0002 0,052 2008Aug 0,90 26,6 0,4 08,38 08,32,3244 26,600 02,4969 07,5990 08,4946 08,3257 08,4943 08,5098 0,0057-0,0003 0,052 2008Jul,20 30,53 00,7 08,07 08,47,230 30,5300 02,4248 07,3774 08,773 08,4784 08,768 08,7332 0,0084-0,0004 0,059 2008Jun 0,99 28,83 03,5 07,2 08,64 0,6942 28,8300 02,439 07,444 08,370 08,6445 08,3700 08,3853 0,0045-0,0002 0,052 2008May 0,80 25,5 03,32 06,82 08,23 0,353 25,500 02,309 06,8949 07,8624 08,2368 07,8624 07,8768 0,0068 0,0000 0,044 2008Apr 0,34 2,9 03,25 06,39 07,55 09,9728 2,900 02,254 06,4276 07,98 07,5597 07,97 07,2045 0,0097 0,0000 0,028 2008Mar 09,80 9,98 02,6 06,55 07,2 09,5663 9,9800 02,2352 06,6854 07,046 07,256 07,047 07,7 0,0056 0,000 0,025 2008Feb 09,34 7,27 00,88 06,2 06,7 09,297 7,2700 02,875 06,603 06,5473 06,737 06,5468 06,5579 0,0037-0,0005 0,006 2008Jan 09,09 7,3 00,56 05,60 05,80 08,7959 7,300 02,637 05,9656 06,3832 05,802 06,3832 06,3939 0,002 0,0000 0,007 2007Dec 07,92 5,24 02,90 05,80 06,20 08,00 5,2400 02,0778 05,6658 05,9323 06,2072 05,932 05,948 0,0072-0,0002 0,0095 2007Nov 07,34 5,64 03,0 04,87 05,78 07,6792 5,6400 0,9956 05,4580 05,7768 05,7860 05,7764 05,7858 0,0060-0,0005 0,0089 2007Oct 06,58,80 02,70 04,97 05,22 07,027,8000 0,8643 05,230 05,476 05,2242 05,476 05,557 0,0042 0,000 0,008 2007Sep 05,56,4 0,90 04,95 04,7 06,0453,400 0,7883 04,9982 04,7879 04,725 04,7875 04,7946 0,0025-0,0003 0,0067 2007Aug 05,05 0,46 00,39 05,52 04,3 05,4289 0,4600 0,7522 04,799 04,5090 04,3235 04,5092 04,556 0,035 0,0003 0,0066 2007Jul 04,80,44 00,22 05,36 04,25 04,886,4400 0,7540 04,7099 04,4497 04,2499 04,4498 04,4558-0,000 0,000 0,006 2007Jun 04,89 0,93 02,34 04,48 04,50 04,577 0,9300 0,6304 04,507 04,2328 04,5042 04,2328 04,2385 0,0042-0,000 0,0057 2007May 04,77 0,35 02,57 04,25 04,40 04,3256 0,3500 0,5869 04,378 04,045 04,4024 04,045 04,0469 0,0024 0,0000 0,0054 2007Apr 04,66 09,34 02,44 04,03 04,5 04,3049 09,3400 0,4953 04,0687 03,834 04,570 03,835 03,887 0,0070 0,000 0,0053 2007Mar 03,98 07,85 0,7 03,64 03,50 03,7885 07,8500 0,479 03,767 03,4279 03,504 03,4274 03,437 0,004-0,0005 0,0038 2007Feb 03,9 06,24 00,06 03,59 02,8 03,73 06,2400 0,3498 03,625 03,84 02,882 03,87 03,857 0,0082 0,0003 0,0043 2007Jan 04,0 05,90 99,84 03,05 02,5 03,7250 05,9000 0,2523 03,3738 03,027 02,588 03,028 03,0257 0,0088 0,0000 0,0040 2006Dec 03,46 05,53 0,87 03,8 03,04 03,654 05,5300 0,0888 03,0489 02,7904 03,0460 02,7907 02,7945 0,0060 0,0003 0,004 2006Nov 03,25 05,40 0,9 02,30 02,64 03,6027 05,4000 00,965 02,872 02,6575 02,6470 02,6577 02,666 0,0070 0,0002 0,004 2006Oct 02,94 05,94 0,63 02,44 02,60 03,36 05,9400 00,8928 02,6866 02,5637 02,6069 02,5636 02,5674 0,0069-0,0002 0,0037 2006Sep 02,77 07,87 00,90 02,42 02,52 03,2429 07,8700 00,8330 02,4643 02,6066 02,562 02,6064 02,606-0,0038-0,0002 0,0040 2006Aug 02,50,49 99,42 02,86 02,52 02,8650,4900 00,7025 02,870 02,7080 02,563 02,7080 02,727-0,0037 0,0000 0,0046 2006Jul 02,48,43 99,34 02,7 02,43 02,4969,4300 00,6872 02,0962 02,5896 02,42 02,5899 02,5942-0,0089 0,0003 0,0046 2 23 - column 20

Summary table : HIC Index seres, 200500, euro area Orgnal seres; source Eurostat Seasonally adjusted seres; source ECB Own aggregaton on publshed data Comparson of results Orgnal Seasonally adjusted seres seres unadjusted adjusted weghts weghts Food ncludng Servces ndex Food ncludng Servces ndex Chaned Chaned Chaned 2-22 - and ndustrl excludng All-tems and Energy ndustrl excludng All-tems seres seres seres column column tobacco Energy goods goods) HIC tobacco (not ) goods goods) HIC 200500 200500 200500 0 20 7 8 9 0 7 8 9 20 2 22 23 24 25 26 2006Jun 02,46 09,94 0,33 0,87 02,56 02,074 09,9400 00,6484 0,8837 02,286 02,552 02,283 02,2850-0,0079-0,0002 0,0034 2006May 02,33 0,02 0,52 0,58 02,48 0,878 0,0200 00,5550 0,6578 02,220 02,4744 02,223 02,258-0,0056 0,0003 0,0038 2006Apr 0,90 08,9 0,34 0,49 02,20 0,5395 08,900 00,4500 0,525 0,8660 02,983 0,8660 0,869-0,007 0,0000 0,003 2006Mar 0,68 05,94 00,49 0,25 0,53 0,4940 05,9400 00,323 0,3660 0,4859 0,5267 0,486 0,4886-0,0033 0,0002 0,0027 2006Feb 0,5 05,44 98,95 0,7 00,95 0,3400 05,4400 00,209 0,820 0,3022 00,947 0,3020 0,3044-0,0083-0,0002 0,0022 2006Jan 0,22 05,00 98,96 00,72 00,66 00,9694 05,0000 00,2338 0,009 0,305 00,6652 0,302 0,32 0,0052-0,0002 0,006 2005Dec 00,7 02,52 00,98 0,2 0,0 00,9320 02,5200 00,2603 00,9853 00,8970 0,264 00,8969 00,8982 0,0264-0,000 0,002 2005Nov 00,2 03,27 0, 00,23 00,76 00,5875 03,2700 00,2297 00,7884 00,809 00,7750 00,8095 00,805 0,050 0,0003 0,004 2005Oct 99,96 06,48 00,82 00,37 0,02 00,383 06,4800 00,333 00,656 00,9654 00,9908 00,9650 00,9665-0,0292-0,0004 0,00 2005Sep 99,88 06,23 00,08 00,43 00,76 00,320 06,2300 00,0258 00,4709 00,8382 00,7508 00,8382 00,8397-0,0092 0,0000 0,005 2005Aug 99,65 03,0 98,82 00,90 00,25 00,00 03,000 99,988 00,2759 00,3969 00,2244 00,3972 00,3978-0,0256 0,0002 0,0009 2005Jul 99,83 0,77 98,74 00,6 00,00 99,8270 0,7700 99,9593 00,05 00,256 99,9943 00,259 00,26-0,0057 0,0002 0,0005 2005Jun 00,28 99,05 00,59 99,87 00,08 99,904 99,0500 99,9425 99,8890 99,8344 00,0942 99,8340 99,8338 0,042-0,0004-0,0006 2005May 00,37 97,49 00,82 99,75 00,00 99,8824 97,4900 99,9206 99,8342 99,6570 99,9892 99,6572 99,6567-0,008 0,0003-0,0002 2005Apr 00,08 98,09 00,68 99,35 99,75 99,7069 98,0900 99,8577 99,3606 99,4662 99,7822 99,4662 99,4656 0,0322 0,0000-0,0006 2005Mar 00,06 95,87 99,94 99,39 99,32 99,8495 95,8700 99,847 99,4869 99,336 99,364 99,336 99,3353 0,044 0,0000-0,0009 2005Feb 99,67 93,70 98,68 99,20 98,65 99,5035 93,7000 99,8329 99,224 98,9545 98,6260 98,9547 98,9530-0,0240 0,0002-0,005 2005Jan 99,3 92,44 98,74 98,77 98,3 99,047 92,4400 99,9222 99,0420 98,795 98,2826 98,79 98,768-0,0274-0,0004-0,0028 2004Dec 99,06 92,8 00,59 99,05 98,90 99,3372 92,800 99,9286 98,9406 98,7009 98,8883 98,70 98,6988-0,07 0,000-0,002 2004Nov 98,09 93,87 00,73 98,7 98,48 98,5227 93,8700 99,9058 98,7005 98,593 98,534 98,592 98,5884 0,054 0,0000-0,0029 2004Oct 98,08 95,00 00,52 98,24 98,56 98,56 95,0000 99,875 98,4840 98,5944 98,5984 98,5939 98,592 0,0384-0,0004-0,003 2004Sep 98,3 92,36 99,90 98,30 98,22 98,5579 92,3600 99,8658 98,3242 98,2927 98,206 98,2927 98,2896-0,039 0,0000-0,003 2004Aug 98,25 92,50 98,83 98,69 98,05 98,6059 92,5000 99,9094 98,06 98,2392 98,0825 98,2394 98,2363 0,0325 0,0002-0,0029 2004Jul 98,76 9, 98,72 98,39 97,88 98,7398 9,00 99,8055 97,843 97,9845 97,8975 97,9848 97,987 0,075 0,0002-0,0029 2004Jun 99,5 90,57 00,34 97,68 98,05 98,7325 90,5700 99,7598 97,6968 97,8722 98,63 97,877 97,8686 0,0663-0,0004-0,0036 2004May 99,09 9,25 00,48 97,33 98,05 98,5722 9,2500 99,6466 97,463 97,7525 98,0637 97,7524 97,7492 0,037-0,000-0,0032 2004Apr 98,79 89,07 00,35 97,25 97,72 98,3826 89,0700 99,6220 97,2436 97,4382 97,7345 97,4383 97,4347 0,045 0,0002-0,0035 2004Mar 98,58 88,3 99,58 96,96 97,29 98,3359 88,300 99,4742 97,0550 97,225 97,2566 97,22 97,274-0,0334-0,0004-0,004 2004Feb 97,82 86,97 98,49 96,9 96,62 97,6583 86,9700 99,5224 96,92 96,9399 96,6552 96,9395 96,9349 0,0352-0,0004-0,0050 2004Jan 97,88 87,02 98,27 96,43 96,45 97,736 87,0200 99,3325 96,6702 96,7979 96,4065 96,7977 96,7933-0,0435-0,0003-0,0046 2003Dec 97,6 86,2 99,83 96,44 96,62 97,4930 86,200 99,2227 96,35 96,556 96,6653 96,560 96,54 0,0453 0,0004-0,0042 23 - column 20 3

Summary table 2: HIC Index seres, 200500, euro area; fve food-categores Orgnal seres; source Eurostat Seasonally adjusted seres; source ECB Own aggregaton on publshed data Comparson of results Orgnal Seasonally adjusted seres seres unadjusted adjusted weghts weghts rocesse d food ncludng Servces ndex rocessed food ncludng Servces ndex Chaned Chaned Chaned 2-22 - Fsh and Vegetables and ndustrl excludng All-tems Fsh and Vege- and Energy ndustrl excludng All-tems seres seres seres column column Meat seafood Frut tobacco Energy goods goods) HIC Meat seafood Frut tables tobacco (not ) goods goods) HIC 200500 200500 200500 0 20 2 3 4 5 6 7 8 9 0 2 3 4 5 6 7 8 9 20 2 22 23 24 25 26 202Dec 9,4 8,96 8,34 8,29 22,08 44,84 07,30 5,89 6,89 9,233 8,664 20,0536 9,862 22,839 44,8400 06,534 5,7489 6,5028 6,8952 6,4976 6,5272 0,0052-0,0052 0,0244 202Nov 8,99 8,49 9,28 4,64 2,97 45,63 07,59 4,70 6,48 8,8933 8,7764 20,3864 7,490 2,9754 45,6300 06,0720 5,3566 6,3239 6,4862 6,3259 6,3552 0,0062 0,002 0,033 202Oct 8,25 8,63 8,77 3,52 2,68 47,76 07,44 5,0 6,7 8,42 8,7293 20,009 8,397 2,7386 47,7600 05,8804 5,3382 6,4042 6,720 6,4049 6,4352 0,00 0,0008 0,030 202Sep 7,56 9,2 6,8,2 2,4 48,43 06,75 5,4 6,44 7,5303 8,6628 8,8994 6,2845 2,294 48,4300 05,7357 5,2327 6,2629 6,440 6,2644 6,2943 0,000 0,005 0,034 202Aug 7,03 8,66 6,78 0, 2,00 46,82 03,7 6,2 5,59 6,9629 8,3539 8,2053 5,7855 2,32 46,8200 05,5665 5,2673 6,0232 5,594 6,022 6,0506 0,004-0,0020 0,0274 202Jul 6,65 8,7 8,74,33 20,88 43,36 03,2 5,9 5,4 6,7680 8,4225 6,5307 4,2398 20,929 43,3600 05,580 5,0859 5,5667 5,472 5,5660 5,5933 0,0072-0,0007 0,0266 202Jun 6,42 7,5 24,28 4,2 20,79 42,5 06,76 4,78 5,76 6,6309 7,9902 7,726 4,3787 20,7962 42,500 05,6677 4,8092 5,363 5,7646 5,3532 5,3798 0,0046-0,008 0,085 202May 6,3 7,98 6,82 5,36 20,74 44,55 07,07 4,42 5,85 6,4045 8,2963 3,4924 2,36 20,6795 44,5500 05,6083 4,6024 5,3776 5,8523 5,3757 5,408 0,0023-0,009 0,0242 202Apr 6,05 7,74 3,85 7,40 20,59 46,60 07,02 4,48 6,0 6,449 7,8822 3,644 2,7749 20,4567 46,6000 05,5068 4,4698 5,4498 6,044 5,4456 5,4724 0,0044-0,0042 0,0226 202Mar 5,9 7,28 2,5 9,97 20,34 45,03 06,30 4,09 5,47 6,0059 7,4766 3,5034 3,84 20,299 45,0300 05,3758 4,287 5,329 5,472 5,357 5,62 0,002 0,0029 0,0293 202Feb 5,84 7,05 0,96 8,84 20,04 42,78 02,58 3,95 3,99 5,8085 7,3603 2,6088 3,539 9,9328 42,7800 05,635 4,0647 4,7484 3,9927 4,7458 4,774 0,0027-0,0026 0,0230 202Jan 5,56 8,05 0,48 2,37 9,70 4,7 02,40 3,42 3,43 5,4628 7,0853 2,5080 09,8632 9,630 4,700 05,0772 3,8950 4,4005 3,430 4,3985 4,4228 0,000-0,0020 0,0223 20Dec 5,34 7,45,60 09,72 9,26 37,64 06,9 3,85 4,35 5,528 7,242 3,2487 0,797 9,3577 37,6400 05,0650 3,7073 3,9803 4,3606 3,9753 3,9985 0,006-0,0050 0,082 20Nov 4,8 6,46 2,05 09,03 9,6 37,75 06,42 2,85 3,98 4,787 6,7625 3,925,776 9,687 37,7500 04,9806 3,492 3,8407 3,9824 3,8439 3,8672 0,0024 0,0032 0,0266 20Oct 4,64 6,46 2,00 05,79 8,82 36,86 06,27 3,4 3,88 4,5269 6,625 3,3276 0,0472 8,8852 36,8600 04,8327 3,3765 3,6024 3,8789 3,6044 3,6272-0,00 0,0020 0,0249 20Sep 4,34 6,6 09,73 05,38 8,23 36,06 05,48 3,22 3,48 4,2924 6,032 2,2240 0,93 8,3792 36,0600 04,630 3,307 3,3542 3,4856 3,3554 3,3779 0,0056 0,00 0,0236 20Aug 4,00 5,8 0,22 05,47 7,85 34,86 02,07 4,4 2,65 3,9205 5,5037,4874 0,8334 7,9449 34,8600 04,46 3,2326 2,998 2,6525 2,9974 3,0203 0,0025-0,0007 0,0222 20Jul 3,55 4,85 4,0 08,66 7,47 35, 0,60 3,86 2,43 3,6688 5,0998,766,2737 7,584 35,00 03,8638 3,0547 2,8077 2,440 2,8085 2,839 0,00 0,0008 0,0242 20Jun 3,00 4,4 9,22,33 6,99 33,98 05,40 2,82 3,09 3,2088 4,880 2,5647,5375 6,9969 33,9800 04,4287 2,846 2,732 3,0929 2,7278 2,7494 0,0029-0,0034 0,082 20May 2,73 4,29 8,37 5,25 6,77 34,69 05,72 2,42 3,0 2,8357 4,677 5,005 2,285 6,7202 34,6900 04,3793 2,5723 2,6595 3,045 2,6545 2,6766 0,0045-0,0050 0,07 20Apr 2,32 3,75 4,68 6,66 6,25 35,56 05,63 2,53 3,09 2,4365 3,896 4,4243 2,279 6,237 35,5600 04,2480 2,533 2,5886 3,0998 2,5803 2,6025 0,0098-0,0084 0,038 20Mar,98 3,50 4,74 7,85 5,8 33,62 04,86 2,2 2,46 2,046 3,6732 5,7488 2,0490 5,6887 33,6200 04,037 2,2443 2,690 2,4692 2,676 2,895 0,0092-0,004 0,0204 20Feb,6 2,56 2,64 8,53 5,33 30,34 0,52,9 0,96,5900 2,7760 4,270 3,402 5,2292 30,3400 03,7963 2,0089,6288 0,9642,683,6392 0,0042-0,006 0,004 20Jan,40 3,24 0,09 6,96 5,02 29,24 0,44,32 0,50,2998 2,79 2,0830 4,3395 4,9505 29,2400 03,9302,7724,4065 0,5045,405,422 0,0045-0,0050 0,047 200Dec,29 2,46 0,2 5,05 4,59 25,49 04,95,68,29,43 2,067,882 6,3288 4,6880 25,4900 03,8655,546 0,9353,2938 0,9320 0,9507 0,0038-0,0033 0,054 200Nov,9,50 0,3 2,3 4,27 22,68 05,0 0,80 0,62,0898,85,3734 4,9786 4,2954 22,6800 03,7966,433 0,5306 0,624 0,533 0,5505 0,004 0,0025 0,098 200Oct,08,29 09,62 09,83 3,94 2,72 04,94,0 0,52 0,9554,588,0348 4,220 4,004 2,7200 03,6850,338 0,3062 0,5235 0,35 0,3283 0,0035 0,0053 0,0222 200Sep 0,88,50 08,84 0,24 3,72 2,02 04,23,06 0,9 0,8055,079,58 5,588 3,8603 2,0200 03,6222,375 0,348 0,922 0,380 0,548 0,0022 0,0032 0,0200 200Aug 0,87,3,37 08,95 3,75 20,66 02,05,90 09,85 0,780,059 2,566 4,347 3,833 20,6600 03,7299,0403 0,0957 09,8508 0,0970 0,35 0,0008 0,002 0,078 200Jul 0,65 0,42 4,64,3 3,56 20,83 0,62,59 09,63 0,7559 0,6645 2,27 3,4673 3,600 20,8300 03,6954 0,832 09,9592 09,6384 09,9587 09,9748 0,0084-0,0004 0,057 200Jun 0,44 0,07 7,45,27 3,47 20,77 04,42 0,64 0,0 0,6455 0,529,846,3774 3,4754 20,7700 03,5952 0,662 09,7995 0,095 09,7976 09,83 0,0095-0,008 0,036 200May 0,46 09,59 3,25 5,9 3,20 2,23 04,63 0,43 0,0 0,5762 0,039 0,088,8746 3,533 2,2300 03,445 0,568 09,7054 0,046 09,70 09,766 0,0046-0,0043 0,02 200Apr 0,43 09,99 09, 20,66 3,07 20,55 04,55 0,29 09,98 0,556 0,556 08,8380 6,0964 2,9448 20,5500 03,3285 0,3093 09,5363 09,9829 09,526 09,5420 0,0029-0,002 0,0057 200Mar 0,7 09,56 06,6 9,37 3,0 8,2 03,97 0,33 09,53 0,320 09,704 07,509 4,2596 2,8930 8,200 03,3282 0,4692 09,395 09,537 09,356 09,3302 0,007-0,0039 0,007 200Feb 0,37 09,2 05,54 5,5 3,02 5,26 0,45 0,2 08,33 0,3767 09,2423 06,9682 0,597 2,94 5,2600 03,370 0,2063 08,889 08,3338 08,8708 08,8835 0,0038-0,0 0,006 200Jan 0,4 0,23 07,2 2,6 3,0 5,4 00,94 09,69 07,99 0,303 09,0282 08,9653 09,5250 2,9297 5,400 03,46 0,46 08,7993 07,9983 08,796 08,8093 0,0083-0,0032 0,000 2009Dec 0,55 09,44 07,00 04,79 2,89 3,06 04,2 0,27 08,88 0,3728 09,034 08,7954 05,975 2,987 3,0600 03,96 0,252 08,5563 08,8935 08,5548 08,5665 0,035-0,005 0,00 2009Nov 0,5 08,73 06,65 04,75 2,79 3,68 04,2 09,36 08,54 0,403 09,0747 08,063 07,362 2,8298 3,6800 03,066 09,9727 08,4863 08,558 08,4867 08,4987 0,08 0,0004 0,025 2009Oct 0,6 08,55 05,84 03,55 2,57 2,4 04,06 09,62 08,4 0,462 08,8838 07,3742 07,4385 2,6508 2,400 02,9692 09,867 08,2559 08,48 08,2603 08,279 0,008 0,0045 0,060 23 - column 20 4

Summary table 2: HIC Index seres, 200500, euro area; fve food-categores Orgnal seres; source Eurostat Seasonally adjusted seres; source ECB Own aggregaton on publshed data Comparson of results Orgnal Seasonally adjusted seres seres unadjusted adjusted weghts weghts rocesse d food ncludng Servces ndex rocessed food ncludng Servces ndex Chaned Chaned Chaned 2-22 - Fsh and Vegetables and ndustrl excludng All-tems Fsh and Vege- and Energy ndustrl excludng All-tems seres seres seres column column Meat seafood Frut tobacco Energy goods goods) HIC Meat seafood Frut tables tobacco (not ) goods goods) HIC 200500 200500 200500 0 20 2 3 4 5 6 7 8 9 0 2 3 4 5 6 7 8 9 20 2 22 23 24 25 26 2009Sep 0,76 09,43 05,26 02,58 2,60 2,33 03,29 09,56 08,6 0,6556 09,054 07,326 06,9894 2,7474 2,3300 02,9389 09,6262 08,854 08,70 08,848 08,962 0,00-0,0006 0,008 2009Aug 0,8 09,36 05,6 02,04 2,67 3,75 0,75 0,33 08,4 0,7 09,079 06,0642 06,879 2,7485 3,7500 03,780 09,52 08,3304 08,427 08,3292 08,340 0,0027-0,002 0,0097 2009Jul 0,60 08,53 09,79 05,55 2,60,74 0,22 0,09 07,77 0,7032 08,7803 07,462 07,4925 2,6378,7400 03,29 09,3530 08,0622 07,7750 08,0633 08,074 0,0050 0,00 0,08 2009Jun 0,50 08,38 4,35 08,99 2,5 3,74 03,82 09,2 08,48 0,7056 08,8345 08,488 08,9858 2,5224 3,7400 03,0600 09,2336 08,2077 08,495 08,2082 08,220 0,05 0,0005 0,024 2009May 0,60 08,8 2,72 2,72 2,23 0,97 04,2 09,06 08,27 0,7347 08,7288 09,6295 09,35 2,87 0,9700 03,0657 09,595 07,9032 08,278 07,9020 07,933 0,008-0,002 0,00 2009Apr 0,66 08,55 0,46 4,05 2,37 0,53 04,09 09,0 08,2 0,8037 08,6889 0,2474 09,8545 2,2352 0,5300 03,023 09,044 07,8282 08,273 07,8220 07,8334 0,0073-0,0062 0,0052 2009Mar 0,8 08,5 09,97 4,56 2,40 0,26 03,42 08,60 07,82,0020 08,6280 0,9420 0,4045 2,2696 0,2600 02,9245 08,737 07,6678 07,8269 07,6676 07,6792 0,0069-0,0002 0,04 2009Feb,06 09,75 09,34 5,38 2,37,57 0,57 08,66 07,42,0896 09,8238 0,784,2320 2,263,5700 03,0637 08,794 07,8632 07,4258 07,8503 07,862 0,0058-0,029-0,00 2009Jan,6 0,92 09,3 4,2 2,36 0,98 0,05 08,3 06,98,0378 09,572 0,820,4588 2,276 0,9800 02,960 08,5265 07,6867 06,9872 07,6847 07,6966 0,0072-0,0020 0,0098 2008Dec,0 0,3 08,86 0,06 2,2,0 03,77 08,53 07,88 0,8224 09,6524 0,728,373 2,202,000 02,8405 08,395 07,5786 07,8880 07,579 07,590 0,0080 0,0004 0,023 2008Nov 0,78 09,7 09,88 07,93 2,9 6,48 03,94 07,62 08,02 0,6733 09,5378,3886 0,30 2,2443 6,4800 02,8354 08,2234 07,999 08,030 07,990 08,0040 0,00-0,000 0,02 2008Oct 0,55 09,22 09,79 08,63 2,20 22,54 03,7 07,73 08,55 0,3946 09,6602,5303 2,4786 2,2885 22,5400 02,7636 07,9672 08,4372 08,5558 08,447 08,4567 0,0058 0,0045 0,095 2008Sep 0,27 09,92 0,48 05,97 2,05 26,6 02,8 07,67 08,52 0,405 09,6826 2,5202 0,377 2,993 26,600 02,6268 07,727 08,5869 08,5294 08,5872 08,6029 0,0094 0,0003 0,059 2008Aug 09,93 09,9,99 04,9,95 26,6 0,4 08,38 08,32 09,8063 09,6409 2,939 09,5034 2,047 26,600 02,4969 07,5990 08,4946 08,326 08,4935 08,5093 0,006-0,00 0,047 2008Jul 09,32 09,73 6,22 08,70,70 30,53 00,7 08,07 08,47 09,4099 09,9985 3,3904 0,669,7355 30,5300 02,4248 07,3774 08,773 08,4778 08,736 08,7305 0,0078-0,0037 0,032 2008Jun 08,9 0,40 5,60 09,93,33 28,83 03,5 07,2 08,64 09,0984 0,8545 09,772 09,7327,3406 28,8300 02,439 07,444 08,370 08,6450 08,3648 08,3799 0,0050-0,0054 0,0097 2008May 08,67 08,97 3,0 2,72,2 25,5 03,32 06,82 08,23 08,8066 09,6224 09,953 09,9,0647 25,500 02,309 06,8949 07,8624 08,2370 07,8590 07,8732 0,0070-0,0034 0,008 2008Apr 08,27 09,34 0,55 0,52,02 2,9 03,25 06,39 07,55 08,433 09,4726 0,3457 06,4974 0,877 2,900 02,254 06,4276 07,98 07,56 07,884 07,2009 0,0-0,0034 0,009 2008Mar 07,90 09,20 09,0 08,86 0,64 9,98 02,6 06,55 07,2 08,23 09,397 09,95 05,4900 0,5034 9,9800 02,2352 06,6854 07,046 07,268 07,02 07,40 0,0068-0,0025 0,0094 2008Feb 07,67 09,06 07,83 07,89 0,22 7,27 00,88 06,2 06,7 07,72 09,0795 09,402 04,3952 0,059 7,2700 02,875 06,603 06,5473 06,749 06,538 06,5486 0,0049-0,009 0,004 2008Jan 07,58 0,8 06,74 0,87 09,38 7,3 00,56 05,60 05,80 07,4660 09,2380 08,2275 08,3046 09,3026 7,300 02,637 05,9656 06,3832 05,804 06,3859 06,3966 0,004 0,0027 0,033 2007Dec 07,9 08,53 05,54 08,8 08,28 5,24 02,90 05,80 06,20 06,997 07,9970 07,3843 09,382 08,3792 5,2400 02,0778 05,6658 05,9323 06,2077 05,9329 05,9427 0,0077 0,0006 0,004 2007Nov 06,73 07,28 05,52 07,65 07,67 5,64 03,0 04,87 05,78 06,6265 07,6659 07,422 0,069 07,7397 5,6400 0,9956 05,4580 05,7768 05,7872 05,7760 05,7857 0,0072-0,0008 0,0089 2007Oct 06,40 06,65 05,49 06,24 06,77,80 02,70 04,97 05,22 06,2489 07,299 07,3736 09,828 06,8702,8000 0,8643 05,230 05,476 05,225 05,57 05,602 0,005 0,004 0,026 2007Sep 05,77 07,0 04,72 04,80 05,52,4 0,90 04,95 04,7 05,679 06,8645 06,6636 08,928 05,6660,400 0,7883 04,9982 04,7879 04,728 04,7878 04,7953 0,0028-0,000 0,0074 2007Aug 05,33 07,0 05,2 04,34 04,83 0,46 00,39 05,52 04,3 05,87 06,7900 06,036 08,6784 04,8977 0,4600 0,7522 04,799 04,5090 04,3223 04,5097 04,565 0,023 0,0007 0,0075 2007Jul 04,88 06,45 06,67 06,50 04,20,44 00,22 05,36 04,25 04,9399 06,79 03,9587 08,4466 04,2272,4400 0,7540 04,7099 04,4497 04,2503 04,453 04,4574 0,0003 0,005 0,0076 2007Jun 04,73 05,83 09,64 07,2 04,07 0,93 02,34 04,48 04,50 04,8939 06,2784 03,9887 06,7023 04,0646 0,9300 0,6304 04,507 04,2328 04,5052 04,2295 04,2352 0,0052-0,0033 0,0024 2007May 04,6 05,7 05,30 0,56 03,93 0,35 02,57 04,25 04,40 04,7550 06,407 02,3535 06,8647 03,8580 0,3500 0,5869 04,378 04,045 04,4025 04,049 04,0470 0,0025 0,0004 0,0055 2007Apr 04,48 06,02 02,5 2,74 03,80 09,34 02,44 04,03 04,5 04,6695 06,466 0,9499 08,7476 03,657 09,3400 0,4953 04,0687 03,834 04,567 03,82 03,863 0,0067-0,0022 0,0029 2007Mar 04,00 05,80 00,98 07,50 03,64 07,85 0,7 03,64 03,50 04,235 05,9065 0,7489 04,397 03,5069 07,8500 0,479 03,767 03,4279 03,504 03,425 03,4252 0,004-0,0065-0,0027 2007Feb 03,86 05,6 00,73 08,50 03,49 06,24 00,06 03,59 02,8 03,9369 05,60 0,9056 05,242 03,3909 06,2400 0,3498 03,625 03,84 02,886 03,732 03,768 0,0086-0,0082-0,0046 2007Jan 03,98 07,27 00,99 09,4 03,3 05,90 99,84 03,05 02,5 03,892 05,5999 02,2754 07,450 03,250 05,9000 0,2523 03,3738 03,027 02,583 03,0285 03,0324 0,0083 0,0067 0,006 2006Dec 04,00 06,34 00,68 05,43 03,03 05,53 0,87 03,8 03,04 03,848 05,809 02,5046 06,460 03,54 05,5300 0,0888 03,0489 02,7904 03,0460 02,7920 02,7958 0,0060 0,006 0,0054 2006Nov 03,73 04,83 00,8 05,05 02,96 05,40 0,9 02,30 02,64 03,6343 05,2239 02,5642 07,495 03,048 05,4000 00,965 02,872 02,6575 02,6478 02,6585 02,6626 0,0078 0,00 0,005 2006Oct 03,64 04,38 00,37 02,84 02,84 05,94 0,63 02,44 02,60 03,495 04,8535 02,3693 06,006 02,949 05,9400 00,8928 02,6866 02,5637 02,607 02,5672 02,57 0,007 0,0035 0,0074 2006Sep 03,47 04,84 00,2 05, 02,32 07,87 00,90 02,42 02,52 03,2936 04,7583 02,70 09,56 02,4577 07,8700 00,8330 02,4643 02,6066 02,574 02,6083 02,628-0,0026 0,007 0,0062 2006Aug 03,8 04,50 00,90 02,53 02,24,49 99,42 02,86 02,52 02,996 04,3220 0,9046 06,7729 02,2985,4900 00,7025 02,870 02,7080 02,562 02,704 02,752-0,0038 0,0024 0,0072 2006Jul 02,73 03,52 03,28 02,52 02,22,43 99,34 02,7 02,43 02,7686 03,7642 00,5849 04,6049 02,2274,4300 00,6872 02,0962 02,5896 02,429 02,5933 02,5974-0,008 0,0037 0,0078 23 - column 20 5