The Compliance Monitoring Visit on the Harmonisation of Consumer Price Indices to Statistics Lithuania
The Compliance Monitoring Visit on the Harmonisation of Consumer Price Indices to Statistics Lithuania took place on 12 March 2013 in order to assess the quality of the harmonised consumer price index (HICP) produced in Lithuania. Major attention was given to compliance with the EU standards in the area of the HICP.
The compliance monitoring exercise was carried out and chaired by the Compliance Monitoring Board, represented by three members of the Statistical Office of the European Union (Eurostat). A representative from the European Commission's Directorate General for Economic and Financial Affairs and a representative from the European Central Bank attended the meeting as observers.
A wide range of issues was discussed during the meeting with the experts of Statistics Lithuania. An introduction to and overview of the consumer price statistics system in Lithuania was made at the beginning of the meeting; then, general and specific issues related to the production process and methodological aspects of the compilation of the HICP in Lithuania were discussed. Price developments, specific questions concerning index compilation (e.g. treatment of seasonal products, quality adjustment methods), price index weights and specific time series characteristics were covered as well. Practical issues related to the compilation of price indices based on products that have a significant impact on the overall inflation rate were considered.
A separate meeting with experts from the Ministry of Finance, the National Control Commission for Prices and Energy, the Ministry of Energy, the Bank of Lithuania was arranged to discuss the major factors that have a big impact on inflation.