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Annual Rate of Change 3,6% The HICP rose by 3,6% between October 2022 and October 2023, and decreased by 0,1% in the month between September 2023 and October 2023. For the period January – October 2023, the HICP rose by 4,3% compared to the corresponding period of the previous year. (Table 1) 
Compared to October 2022, the
largest changes were noted in Restaurants
and Hotels (6,1%)and Food
and Non-Alcoholic Beverages (5,8%). (Table 1) Compared to September 2023, the
largest change was recorded in category Clothing
and Footwear (3,5%). (Table 1) For the period January -
October 2023, compared to the corresponding period of the previous year, the
largest changes were noted in Food
and Non-Alcoholic Beverages (9,0%) and Restaurants and Hotels (6,5%). (Table 1) As regards the economic origin,
the largest change when compared to the index of October 2022 was recorded in
Food-Alcoholic
Beverages-Tobacco (5,3%). When compared to the index of the
previous month, the largest change was monitored in category Energy (1,4%). (Table 2)
Note: The weights of the
categories are calculated with infinite decimal figures and rounded up to two
decimals when published. Figures do not add up to the total due to
rounding. Methodological Notes Definitions The Harmonized Price Index
(HICP) an economic indicator constructed to measure the changes of prices
over time of consumer goods and services acquired, used or paid by households
and tourists within the economic territory of the country. The HICP is calculated
according to a harmonized approach and methodology laid down by a series of
regulations of EU. The Annual change shows the
change of the HICP when compared with the index of the corresponding month of
the previous year. Products/Services From January
2018 and onwards, the products included in the HICP have been revised. The
revision was based on the results of the Household Budget Survey 2015/2016.
More details are available on CYSTAT website in the Methodology section, in
the statistical sub-category Economy / Price Indices / Harmonized Consumer
Price Index. Collection The price collection is carried
out only in urban districts of Lefkosia, Larnaka, Lemesos and Pafos. For each
city, the fluctuations in the product prices each month are weighted
according to their population. Specifically, the weights for the four districts
are: Lefkosia 42%, Lemesos 30%, Larnaka 18% and Pafos 10%. The prices of 805 goods and
services are recorded once every month, except for some seasonal products
(e.g vegetables and fruits), meat and fuels, whose prices are collected every
week (every Thursday). The collected prices are those actually paid by consumers
for the purchase of specific goods and services, and they include various
taxes, such as the Value Added Tax and excise duties. For the calculation of
the Index end-of-season sales prices are taken into account as well as
special offer prices which are available for the general public and have no
restrictions. Weights The weight of the HICP goods
and services are calculated based on consumption expenditure (of both
households and tourists) incurred in the economic territory of the country.
Up to 2011, the main source for the consumption expenditures was the
Household Budget Survey, while from 2012 and onwards, data from the National
Accounts are utilized satisfying relevant Eurostat’s Regulation (No
1148/2020). Base Year The index reference period was
2005=100 for the period between January 2006 and December 2015. From January
2016 and onwards, the base year is 2015=100. Classification Until December
2015, COICOP 4 classification was used for the calculation and the
dissemination of the HICP. From January 2016 and onwards, CYSTAT is adopting
the ECOICOP classification satisfying relevant Eurostat’s Regulation. In
other words, the lowest level of detail for the classification used in CPI is
COICOP 5-digits. Since February
2019 CYSTAT publishes HICP special aggregates (economic origin) compiled from
more detailed input data. For more information visit the
CYSTAT Portal, subtheme Price Indices, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or
contact Ms Constandia Papageorgiou at tel: +35722602116 or via e-mail
at cpapageorgiou@cystat.mof.gov.cy. The data included in the
Predefined Tables in Excel format are available up to December 2021. Data
from January 2022 onwards are available only in the CYSTAT-DB Online
Database. (AP/ECHR) |
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