What’s new in the HICP? The 2026 classification update and its implications for inflation analysis

The European Central Bank (ECB) defines its price stability target in terms of the HICP, the official measure of consumer price inflation in the euro area. Several changes have been implemented in the compilation of the HICP as of the January 2026 data release. Most importantly, the European Classification of Individual Consumption according to Purpose (ECOICOP) version 2 has been introduced for consumer goods and services. This box describes the main features of the new classification and outlines its impact on the HICP.

Tariffs and foreign direct investment – a nuanced relationship

Tariffs have re-emerged as a key policy tool amid rising protectionism, renewed industrial policy activism and growing geopolitical fragmentation. This article analyses the conditions under which tariffs can encourage new greenfield foreign direct investment (FDI) projects, with a focus on the manufacturing sector. The results indicate that tariffs can encourage “tariff-jumping” greenfield FDI projects aimed at serving local markets.

Westlife at 25: how the boyband emerged during Ireland’s economic boom

We were all flying without wings back in the heyday of Irish boy band Westlife. The group were formed in Dublin in 1998 and rose to international popularity during the early 2000s. The new release of their anniversary album, 25: The Ultimate Collection, affords an opportunity to reflect on the band’s story. They emerge as bold and brash, but also as airbrushed as an advertisement for a new housing development in Dublin.

Coles’ discounts misled shoppers, court rules. It could face hundreds of millions in fines

Coles has been found to have misled its supermarket customers over discounts – and could now face hundreds of millions of dollars in penalties.

In a landmark case, Federal Court Justice Michael O'Bryan found 13 out of 14 sample sale tickets examined in the case had not offered genuine discounts, because Coles had not sold the products at a higher price for a reasonable period before promoting them with “Down Down” discounts.

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