[7]  Chart 1 HICP: two approaches for including owner-occupied housing in comparison (lhs: annual percentage changes; rhs: percentage points)  Sources: Eurostat, ECB calculations. Chart 2 HICP excluding energy and food (HICPx): two approaches for including owneroccupied housing in comparison (lhs: annual percentage changes; rhs: percentage points)  Sources: Eurostat, ECB calculations.
A basic challenge in the appropriate inclusion of owner-occupied housing costs in a consumer price index is that housing has a dual nature, since a buyer may have different intentions: she could treat the house only as an investment – by renting it out – or use it primarily for consumption – by occupying it as an owner.