The Harmonised Index of Consumer Prices is based on a specific basket of goods. A common minimum standard of consumer goods has been agreed upon. The range of the consumer goods included in the price index ranges from food, drink and tobacco products to clothing and household appliances to spending on health care, transport, education, leisure and specific services.
As a result, the consumers’ needs are already taken into account in the definition of price stability. Let me mention briefly at this juncture that the stability of the euro is additionally supported by the governments of the Member States through their adherence to the Stability and Growth Pact.