Euro-zone1 annual inflation2 is expected to be 2.4% in January 2006 according to a flash estimate issued by Eurostat, the Statistical Office of the European Communities. It was 2.2% in December 20053.

Computation of flash estimates

Euro-zone inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available as well as early information about energy prices.

The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro-zone. No detailed breakdown is available. Experience has shown the procedure to be reliable (12 times exactly anticipating the inflation rate, 11 times differing by 0.1 and once differing by 0.2, in January 2005, over the last two years). However, the introduction in January 2006 of the new 2005=100 index reference year could affect the performance of the estimation procedure. Further information can be found in Eurostat News Release 113/2001 of 5 November 2001.

Future provisional publication dates

Index for MUICP flash estimates News release on MUICP, EU25 and Member States January 2006 - 28 February 2006 February 2006 1 March 2006 16 March 2006 March 2006 31 March 2006 20 April 2006 The Member States participating in the euro-zone are Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Annual inflation is the price change between the current month and the same month of the previous year. See News Release 7/2006 of 19 January 2006. Issued by: Eurostat Press Office Philippe BAUTIER BECH Building L-2920 LUXEMBOURG Tel: +352-4301-33 444 Fax: +352-4301-35 349 eurostat-pressoffice@ec.europa.eu For further information on data: João LIBÓRIO Tel: +352-4301-38 137 Fax: +352-4301-33 989 estat-hicp-methods@ec.europa.eu Eurostat News Releases on the Internet: http://ec.europa.eu/eurostat/

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