At the same time, our economies are changing increasingly quickly. We need to keep track of broad concepts of inflation that capture the costs people face in their everyday lives and reflect their perceptions, including measures of owner-occupied housing. This is not about moving the goalposts for monetary policy. It is about future-proofing how we measure inflation.
But we also need to recognise that adjustments will present issues in terms of reliability and frequency of the data. Likewise, to get a better sense of the evolution of the HICP over the medium term, we need to complement our analysis also by looking at more cyclical and less volatile measures of inflation, such as underlying inflation.