# Commission Implementing Regulation (EU) 2020/1197 of 30 July 2020 laying down technical specifications and arrangements pursuant to Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics repealing 10 legal acts in the field of business statistics (Text with EEA relevance), Division 1): Variable 130101: Import prices

Extent: E+W+S+N.I.

It is the objective of the import price indices to measure the monthly transaction price development of goods purchased by residents from non-residents. All the related services are initially excluded from the scope except for those covered by CIF (cost, insurance, freight) trade agreement. The price indices should track the price movements of comparable items over time.
It is essential that all price-determining characteristics of the products are taken into account, including quantity of units sold, transport provided, rebates, service conditions, guarantee conditions origin and destination. The specification must be such that in subsequent reference periods, the observation unit is able uniquely to identify the product and to provide the appropriate price per unit.
The following limitations apply for the scope of import prices:
imports by households, government units and non-profit institutions are excluded,
the underlying trade system is the special trade system so normal imports as well as imports for inward processing and after outward processing, when the reporting unit acquires the ownership of goods, are included. Imports for repair are not covered,
the product coverage is limited to the CPA B, C and D products. Related services are excluded.
The following rules apply for the definition of import prices:
The appropriate price is the cif (cost, insurance, freight) price at the border excluding all duties and taxes on the goods and services to be shouldered by the reporting unit.
In order to show the true development of price movements, it should be an actual transaction price, and not a list price, therefore discounts should be deducted from the price.
In order to show pure price movements the price index compilation should take into account and adjust for quality changes in products.
Other price-determining characteristics of the products should be treated in a consistent way as well.
The imports are recorded when the ownership of the goods is transferred (i.e. when the parties record transaction in their books or account).
The transfer of ownership of vessels and aircraft, as well as spacecraft from a person established in another country to a person established in the Member State in question is counted as an import.
The index should in principle reflect the average price during the reference period. In practice the information actually collected may refer to a particular day in the middle of the reference period that should be determined as a representative figure for the reference period. For products with a significant impact on the national economy that are known to have, at least occasionally, a volatile price development, it is important that the index does indeed reflect average prices.

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Source: https://www.legislation.gov.uk/eur/2020/1197/annex/IV/division/II/division/C/division/1 (the official version)
Page: https://openlegislation.uk/eu-regulation-2020-1197/annex-IV/division-II/division-C/division-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.