Inflation – how is it measured, who bears the brunt, and how consistent is it with my own perceptions?
The ECB’s primary objective is to safeguard price stability. This is measured using the Harmonised Index of Consumer Prices, which is compiled by the national statistical offices of the euro area countries. In this workshop, we will be discussing the challenges involved in measuring prices and the opportunities presented by new approaches and high-frequency data such as web scraping and scanner data. On top of that, we’ll explore why our own “perceived” inflation sometimes differs from the “official” inflation rate and discuss the socio-political dimension of high inflation.