Completed the first HICP mission in BiH
As part of the IPA 2022 Multi-Beneficiary Statistical Cooperation Programme, a two-day international workshop on Harmonised Indices of Consumer Prices (HICP) was held at the Hotel Europe in Sarajevo on 21 and 22 November 2024.
HICP is a key tool for monitoring inflation and price stability. Unlike national indices, it was developed to ensure data standardisation and comparability of consumer price inflation within the European Union's (EU) single market. The introduction of the HICP is part of the economic and legal requirements that countries must meet in the process of European integration. Additionally, countries aspiring to join the Eurozone and adopt the euro as their currency must also meet price stability criteria based on the HICP.
The host for domain experts from the national statistical institutions of Turkey, Serbia, Montenegro, North Macedonia, Albania, Kosovo, and Bosnia and Herzegovina was the Agency for Statistics of BiH. The workshop aimed to further improve the quality of official statistical data in these countries. The training and consultation during the first HICP mission in BiH were led by Natalja Dubkova from Latvia, an expert in HICP and Real Estate Price Indices, and the programme was attended by representatives of Eurostat.
Given its role as a measure of economic stability and readiness for integration, the introduction of HICP in the Western Balkans and Turkey will be an important step in the accession process. Thanks to HICP, countries in the region will be able to transparently compare their economic indicators with EU member states. This is crucial for mutual cooperation, the adoption of improved economic and fiscal policies, and integration into the common European market. Additionally, reliable and harmonized data in line with HICP standards strengthens the confidence of international investors and opens up greater opportunities for access to EU development and integration funds.