2 The HICP does not cover the expenditure for buying a house or a flat, as it is methodologically very demanding to agree on one method given the different national circumstances. Data collection is complex and some argue that buying a house is an investment rather than consumption.
Both the headline inflation measure in the US, as well as in Japan, do include a measure of owner occupied housing. Comparing the euro area HICP (1.6% for August) with the US CPI (1.1%), it appears that inflation is lower in the US. Taking the harmonised measure, the HICP, US inflation was higher (1.9%).