![]() These key issues include how TL is calculated if subjective TL can be used to model sports performance and where subjective TL monitoring fits into an overall decision-making framework for practitioners. This makes a comparable measure for the entire euro area challenging.This article addresses several key issues that have been raised related to subjective training load (TL) monitoring. For starters, the proportion of people who own homes varies greatly from one country to another. There are reasons why the costs of owning a home have not been included in our measure of inflation so far. While house prices have gone up a lot in many euro area countries in recent years, inflation has stayed low. So far, our measure of inflation does not fully reflect the costs of owning a home – known as “owner-occupied housing”. Incorporating home ownership costs is difficultĭuring our listening events across the euro area we heard directly from people how concerned they are about rising housing costs. The growth of online shopping, where prices may differ from those in local shops, also makes measuring price changes more complex. And new, innovative goods and services are replacing old ones at much faster rates, which makes measurement over time more difficult. ![]() But the higher price could reflect its better quality rather than inflation. Your latest mobile phone, for example, may have cost more than your previous one. The quality of goods and services can change over time. Making sure that our measure of inflation meets these high standards is difficult. Measuring inflation can be a tricky business The HICP helps bring together all these different developments into a single measure and, like a map, guides our monetary policy decisions. To stay in business, companies either hold their prices steady or increase them only a little. Globalisation has made trade easier and increased competition across countries too. For example, if the economy is not doing well for a long time, inflation may remain low for quite a while. And just as a map has to be reliable and updated to show obstacles or new paths that lie ahead, the ECB needs a measure of inflation that is credible, reliable, timely and comparable. It is like a map that helps the ECB to make the right decisions. This overall measure is a good way of keeping track of how prices change in the economy. It’s like a huge shopping basket containing 295 goods and services from the 19 euro area countries, and is designed to represent what people typically spend their money on. In the euro area, this big picture is given by the Harmonised Index of Consumer Prices (HICP), which is put together by the EU’s statistical office. Which measure do we use in the euro area? All these things together give us an idea of how much prices are changing in the economy overall. These include goods like food, clothes or cars as well as services like mobile phone bills, train tickets and even rent. We look at the prices of hundreds of things that people typically spend their money on. To do that job well, we need a reliable measure of inflation. We do this by making sure that inflation – the rate at which the overall prices for goods and services change over time – remains low, stable and predictable. A reliable measure of inflation helps us do a better job
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