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The Harmonized Index of
Consumer Prices (HICP) rose by 2,1% between January 2023 and January 2024,
and decreased by 1,2% in the month between December 2023 and January 2023.
(Table 1)  Note: The HICP in Euro area for the last month is based on EUROSTAT’s estimation (flash estimate). Compared to January 2023, the
largest positive change was noted in Restaurants and Hotels (5,8%), whereas
the largest negative change was noted in Transport (-1,3%). (Table 1) Compared to December 2023, the
largest change was recorded in category Clothing and Footwear (-13,7%).
(Table 1) As regards the economic origin,
the largest change when compared to the index of January 2023 was recorded in
Services (4,0%). When compared to the index of the previous month, the
largest change was monitored in category Non energy industrial goods (-4,2%).
(Table 2)
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: 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 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 January 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 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: tel: +35722602116, email: cpapageorgiou@cystat.mof.gov.cy. The data included in the
Predefined Tables in Excel format are available up to January 2021. Data from
January 2022 onwards are available only in the CYSTAT-DB Online Database. (NG/NGian) |
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