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Harmonised Index of Consumer Prices (HICP)
- The index of consumer prices calculated and published by Eurostat, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonised across all EU Member States. The HICP is the measure of prices used by the Governing Council to define and assess price stability in the euro area as a whole in quantitative terms.
harmonised long-term interest rate
Article 4 of Protocol (No 13) on the convergence criteria referred to in Article 140 of the Treaty on the Functioning of the European Union requires interest rate convergence to be measured by means of interest rates on long-term government bonds or comparable securities, taking into account differences in national definitions. In order to fulfil this Treaty requirement, the European Central Bank has carried out conceptual work on the harmonisation of long-term interest rate statistics and regularly collects data from the national central banks, in cooperation with and on behalf of Eurostat. See also
European Central Bank (ECB)
national central bank (NCB)
Treaty on the Functioning of the European Union (TFEU)
hourly labour cost
- Labour costs, including gross wages and salaries (as well as bonuses of all kinds), employers’ social security contributions and other labour costs (e.g. vocational training costs, recruitment costs and employment-related taxes), net of subsidies, per hour actually worked. Hourly costs may be obtained by dividing the sum total of these costs for all employees by the sum total of all hours worked by them (including overtime).