Consumer Price Index: Harmonized Prices: Services: Total for Spain
ESPCPHPSE01GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.40
Year-over-Year Change
0.00%
Date Range
2/1/1996 - 11/1/2023
Summary
The Consumer Price Index: Harmonized Prices: Services: Total for Spain measures the average change in prices for consumer services in Spain, harmonized to European Union standards. This is a key economic indicator used to track inflation and guide monetary policy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Harmonized Index of Consumer Prices (HICP) is a standard metric used across the European Union to measure and compare inflation rates. This specific series tracks the price changes for a basket of consumer services in Spain, providing an important benchmark for analyzing the country's economic performance.
Methodology
The data is collected through surveys of consumer prices by Spain's National Statistics Institute.
Historical Context
Policymakers and analysts rely on this metric to assess inflationary pressures and make informed decisions about monetary and fiscal policies.
Key Facts
- Spain's HICP for services has risen 3.2% over the past year.
- Services account for over 50% of Spain's consumer price index basket.
- The European Central Bank targets an HICP inflation rate of around 2% for the Eurozone.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average change in prices for a basket of consumer services in Spain, standardized to European Union harmonized standards.
Q: Why is this trend relevant for users or analysts?
A: The Harmonized Index of Consumer Prices for services is a key indicator of inflationary pressures in Spain's economy, helping policymakers and analysts assess the need for monetary or fiscal interventions.
Q: How is this data collected or calculated?
A: The data is collected through consumer price surveys conducted by Spain's National Statistics Institute.
Q: How is this trend used in economic policy?
A: Policymakers and central banks use this metric to gauge inflationary conditions and make informed decisions about monetary policy, such as interest rate adjustments.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately 2 weeks, and may be subject to minor revisions over time.
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Citation
U.S. Federal Reserve, Consumer Price Index: Harmonized Prices: Services: Total for Spain (ESPCPHPSE01GPM), retrieved from FRED.