Statistical measure expressing changes in the prices of goods as demanded by private households. In economic terms, it is the most important indicator, since it has a direct and indirect impact on: – central bank policy; – government transfers, especially in the area of social welfare; – the dispositions of households and companies; – the behavior of wage bargaining parties; and – in the EU, it is a convergence criterion under Title VII and Title XVII of the EU Treaty. – See bio markup, cost-push inflation, demand-pull inflation, demand-shift inflation, Harmonized Index of Consumer Prices, index bond, inflation, inflation compensation, inflation measurement, causes of inflation, composition effect, wage, indexed, price perception, price comparison, product novelties, quality changes, ramp, stimulus threshold, Stability and Growth Pact, substitution behavior, confidence indicator, housing, owner-occupied, second-round effects. – Cf. the values in the annex “Euro area statistics,” section “Prices, output, demand and labor markets” in the respective ECB Monthly Bulletin, Deutsche Bundesbank Monthly Bulletin of August 2002, pp. 40 f. (on adjustments to the index), ECB Monthly Bulletin of September 2003, p. 28 (comparison of euro area/Germany as of 1955), ECB Monthly Report of March 2004, p. 44 f. (updating the weights), ECB Monthly Report of July 2005, p. 61 ff. (very in-depth discussion; discussion of special issues), Deutsche Bundesbank Annual Report 2006, p. 28 (detailed overview EU, 2001 to 2006).
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