This could address one of the short-comings of the HICP, namely the exclusion of price changes for housing costs faced by home-owners. BIS Review 50/2008  1  However, including owner-occupied housing expenditures is likely to create measurement problems, as well as posing significant challenges to the timeliness and frequency of the extended HICP series.
More importantly, some of the available statistical treatments of owner-occupied housing costs would introduce an asset price or interest rate component into the price index, which could be conceptually problematic for the conduct of monetary policy. An in-depth technical analysis of various approaches to including owner-occupied housing expenditures in the HICP is ongoing. It is still too early for a final assessment.