What it measures
Core HICP is the euro area's harmonised consumer price index excluding energy, food, alcohol and tobacco. The calendar shows its annual rate from the flash estimate.
Who publishes it and when
Eurostat publishes it together with the headline flash estimate at the end of the reference month or on the first working days of the next, at 11:00 Luxembourg time.
How it is put together
It is built from the same early national price data as the headline flash and can be revised in the full release around the middle of the next month. Services, the largest part of the core basket, are closely tied to wages.
What traders watch
Traders watch the core rate and services inflation in particular, because the ECB has pointed to them when judging whether inflation is settling at its target.
How markets have usually reacted
A higher than expected core reading has often supported the euro and pushed European yields up; a lower one has often had the opposite effect. When headline and core move apart, core has often set the tone.
Common mistakes
- Looking only at the headline on flash day.
- Treating the flash as final before the full release.
How a higher or lower figure is usually read
Higher core inflation than last month is usually read as supportive for the euro; lower core inflation as negative. Not a signal.
Release history
No past releases recorded yet.
Related news
- Euro Area HICP Flash Estimate
- ECB Rate Decision (deposit facility rate)
- Euro Area GDP Flash Estimate
- Economic calendar: every release this week in your time zone
- Lot size calculator: keep your risk the same around news
- How to use an economic calendar: what happens around a release, and how to plan for it
Trading involves a high risk of loss. This page is information and education, not advice or a signal to trade. See the Risk Disclaimer.
Official source
Eurostat data: Source: Eurostat (ec.europa.eu/eurostat), euro indicators; figures shown as published.
Calendar data: ec.europa.eu
Published by Eurostat, the statistical office of the European Union: ec.europa.eu