The Harmonized Index of Consumer Prices (HICP) is a consumer price index for EU countries (who all use the euro) that the European Central Bank looks to for information on inflation.
It’s similar to the Consumer Price Index (CPI) in the US in scope and purpose, though survey methods are a bit different.
If prices (and inflation) went up like crazy, the HICP would show it. The European Central Bank (ECB) looks to the Harmonized Index of Consumer Prices for information on what they should do to affect prices (they prefer stable prices, and not more than 2% each year...slow and steady).