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What is inflation?

European Central Bank (ECB)

Claims Supported by This Source

  1. Inflation is a broad increase in the prices of goods and services, not just individual items. It means that with one euro today, you can buy less than you could yesterday.
  2. The annual inflation rate is the price of a "basket" representing all goods and services consumed by households, compared with the same month one year ago.
  3. In the euro area, Eurostat measures it monthly with the HICP (Harmonised Index of Consumer Prices), which covers about 700 goods and services.
  4. The ECB's job is to maintain price stability, which means keeping the inflation rate at 2% over the medium term.
  5. The inflation that people "feel" tends to be higher than the index, partly because attention is biased towards price increases of frequently purchased items.

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