The flash HICP is an early estimate of the harmonised index of consumer prices (HICP) that is generally released within the same month (e.g. June data released within the month of June). The Harmonised Index of Consumer Prices (HICP), used primarily within the European Union, is a measure of prices paid by consumers for a market basket of goods and services. It is calculated using the same methodology across countries to allow for comparable measures of inflation. The yearly (or monthly) growth rates represent the inflation rate.