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Inflation 1,7% In November 2023, the Consumer
Price Index decreased by 1,46 units and reached 116,51 units compared to
117,97 units in October 2023. In November 2023, the inflation increased by
1,7%. (Table 1) For the period January –
November 2023, the CPI increased by 3,7% compared to the corresponding period
of the previous year. (Table 1)  As regards the economic origin, Petroleum products had the largest change when compared both to the index of November 2022 (-6,8%) and to the index of the previous month (-7,6%). (Table 2) Analysis of Percentage Changes Compared to November 2022, the
largest changes were monitored in the categories Restaurants and Hotels
(5,6%) and Miscellaneous Goods and Services (4,0%). (Table 1) In comparison to the CPI of the
previous month, the largest change was noted in Transport (-4,9%). (Table 1) For the period January –
November 2023, compared to the corresponding period of the previous year, the
largest changes were recorded in Food and Non-Alcoholic Beverages (8,1%),
Restaurants and Hotels (6,0%) and Housing, Water, Electricity, Gas and Other Fuels
(5,3%). (Table 1) Analysis of Effects in Units Compared to the Index of
November 2022, the categories Food and Non-Alcoholic Beverages (0,56) and
Restaurants and Hotels (0,55) had the largest positive effect on the change
of the CPI. The largest negative effect was monitored in the category
Transport (-0,54). (Table 3) The largest effect on the
change of the CPI compared to the previous month were recorded in categories
Transport (-0,92) and Food and Non-Alcoholic Beverages (-0,45). (Table 3) Petroleum products (-0,79) had
the most notable effect on the change of the CPI of November 2023 compared to
November 2022. (Table 4) Finally, Petroleum products
(-0,89), Fresh vegetables (-0,47) and Electricity (0,23) had the largest
effects on the change of the CPI of November 2023 compared to the previous
month. (Table 5)
Note: Totals are calculated on
the basis of the effects of the categories with infinite decimal figures and
rounded up to two decimals when published. Figures may not add to totals due
to rounding error.
Methodological Notes Definitions The Consumer Price Index (CPI)
is compiled to measure the changes of prices over time of consumer goods and
services acquired, used or paid by households. Specifically, the national CPI
of Cyprus covers the consumption expenses of specific goods and services
(shopping basket of goods and services), of the resident households and of
the households that intend to live in Cyprus for at least one year. CPI is
the official index for the estimation of inflation. The Inflation shows the change
of the CPI when compared with the index of the corresponding month of the
previous year. The Effect represents the
amount of the overall change in the General Index which is accounted for by
any given category. Collection The price collection is carried
out only in urban districts of Nicosia, Larnaca, Limassol and Paphos. 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: Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 10%. The prices of 805 goods and
services are recorded once every month, except for some seasonal products
(e.g vegetables and fruit), meat and fuels, whose prices are collected every
week (every Thursday). 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 January 2015, COICOP 4
classification was used for the calculation and the dissemination of the CPI.
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. Products/Services and Weights From January 2018 and onwards,
the products included in the CPI as well as their corresponding weights have
been revised. The revision was based on the results of the Household Budget
Survey 2015/2016. 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 Predefined Tables,
available in Excel format, are updated up to and including December 2021.
More recent data are published only on the CYSTAT-DB Online Database. (TT/AF) |
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