This indicator is constructed to measure the changes over time in the price of consumer goods and services. This index gives comparable measures of inflation in the eurozone, the EU, the European Economic Area and for other countries including accession and candidate countries. They are calculated according to a harmonized approach and a single set of definitions. They provide the official measure of consumer price inflation in the eurozone for the purposes of monetary policy in the euro area and assessing inflation convergence as required under the Maastricht criteria. This index is produced by each European Union member state to help measure inflation and to guide the European Central Bank in formulating monetary policy. The index is also used as the basis of the European Index of Consumer Prices which is weighted towards household expenditures.
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