The adapted version of the website for people with disabilities was developed by the National Statistics Office of Georgia (Geostat) with the support of the United Nations Development Program (UNDP) and the Government of Sweden.
The adapted version of the website for people with disabilities was developed by the National Statistics Office of Georgia (Geostat) with the support of the United Nations Development Program (UNDP) and the Government of Sweden.
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Date: 10 February 2022
The National Statistics Office of Georgia (GEOSTAT) initiates to publish new indicator – the Harmonised Index of Consumer Prices (HICP). GEOSTAT started working in this direction in October 2020, within the framework of the EU Twinning project, and according to the Statistical Work Program 2022 publication of the index is planned on a monthly basis.
The HICP indicator is mainly used by the EU member states and is the most important indicator for price stability. It is based on a unified, harmonised methodology. Thus, the successful introduction of this indicator in Georgia is of high importance in terms of convergence with the EU standards.
The calculation of Harmonised Index of Consumer Prices (HICP) is based on the methodological guidelines and legislation developed by the European Union, the strict observance of which is mandatory for all countries producing this indicator.
HICP is distinguished from the Consumer Price Index (CPI) by several methodological features, mainly in terms of consumer basket weights and the classification used. In particular, in case of HICP, the expenditures of both residents and non-residents incurred within the country are used to calculate the consumer basket weight, whereas for the CPI only the expenditures incurred by the residents are used, incurred both within the country and abroad. As for the classification, the European version of the “Classification of Individual Consumption According to Purpose” (ECOICOP) is used for the HICP, which is slightly different from the COICOP, currently in force at the international level.
It should be noted, however, that the composition of the consumer basket and the microdata used are identical for both indices.
It should be also pointed out that HICP will not replace the existing Consumer Price Index, which is still used to calculate the inflation rate. Harmonised Index is an additional analytical indicator and will be used to ensure international comparability.
For more information on HICP, please contact Price Statistics Department of GEOSTATt: Tel: +995 32 236-72-10 (ext. 400 or 701), or by e-mail: gtetrauli@geostat.ge.
