Rationales for aiming for positive inflation (2): measurement error in the HICP A second reason to aim for low positive inflation is that available inflation statistics may be subject to a positive measurement error, which would imply that strict price stability, that is, zero inflation, as measured by the price index would de facto mean a declining price level.
In the specific case of the HICP, the precise estimation of such a measurement bias continues to be surrounded by uncertainty. But taking into account the continuous improvements implemented by Eurostat in the index, the bias is likely to be small and to decline further in the future.