Regulation 2016/792 - Harmonised indices of consumer prices and the house price index - Main contents
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official title
Regulation (EU) 2016/792 of the European Parliament and of the Council of 11 May 2016 on harmonised indices of consumer prices and the house price index, and repealing Council Regulation (EC) No 2494/95| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2016/792 |
| Original proposal | COM(2014)724  |
| CELEX number i | 32016R0792 |
| Document | 11-05-2016; Date of signature |
|---|---|
| Publication in Official Journal | 24-05-2016; OJ L 135 p. 11-38 |
| Signature | 11-05-2016 |
| Effect | 13-06-2016; Entry into force Date pub. +20 See Art 13 |
| Deadline | 31-12-2018; At the latest See Art 3.7 31-12-2020; At the latest See Art 8.5 |
| End of validity | 31-12-9999 |
24.5.2016 |
EN |
Official Journal of the European Union |
L 135/11 |
REGULATION (EU) 2016/792 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 11 May 2016
on harmonised indices of consumer prices and the house price index, and repealing Council Regulation (EC) No 2494/95
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 338(1) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Acting in accordance with the ordinary legislative procedure (2),
Whereas:
(1) |
The harmonised index of consumer prices (HICP) is designed to measure inflation in a harmonised manner across Member States. The Commission and the European Central Bank (ECB) use the HICP in their assessment of price stability in the Member States under Article 140 of the Treaty on the Functioning of the European Union (TFEU). |
(2) |
Harmonised indices are used in the context of the Commission's macroeconomic imbalance procedure, as established by Regulation (EU) No 1176/2011 of the European Parliament and of the Council (3). |
(3) |
Price statistics of high quality and comparability are essential for those responsible for public policy in the Union, researchers and all European citizens. |
(4) |
The European System of Central Banks (ESCB) uses the HICP as an index in order to measure the achievement of the ESCB's price stability objective under Article 127(1) TFEU, which is of particular relevance for the definition and implementation of the monetary policy of the Union under Article 127(2) TFEU. Pursuant to Articles 127(4) and 282(5) TFEU, the ECB is to be consulted on any proposed Union act in its fields of competence. |
(5) |
The objective of this Regulation is to establish a common framework for the development, production and dissemination of harmonised indices of consumer prices and of the house price index (HPI) at Union and national level. This does not preclude, however, the possibility of extending the application of the framework, in the future, if necessary, to the subnational level. |
(6) |
Council Regulation (EC) No 2494/95 (4) established a common framework for setting up harmonised indices of consumer prices. That legal framework needs to be adapted to current requirements and technical progress, thereby further improving the relevance and comparability of harmonised indices of consumer prices and the HPI. On the basis of the new framework established by this Regulation, work on a set of supplementary indicators on price evolution should be initiated. |
(7) |
This Regulation takes into account the Commission's better regulation agenda and, in particular, the Commission communication of 8 October 2010 entitled Smart regulation in the European Union. In the statistical field, the Commission has set as a priority the simplification and improvement of the regulatory environment in statistics, as referred to in the Commission communication of 10 August 2009 on the production method of EU statistics: a vision for the next decade. |
(8) |
The HICP and the harmonised index of consumer prices at constant tax rates (HICP-CT) should be broken down into categories of the European classification of individual consumption according to purpose (ECOICOP). Such classification should ensure that all European statistics relating to private consumption are consistent and comparable. The ECOICOP should also be consistent with the UN COICOP, which is the international standard classifying individual consumption according to purpose, therefore the ECOICOP should be adapted to align it... |
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