|
Annual
Rate of Change 1,6% The HICP rose by 1,6% between
March 2023 and March 2024, and increased by 0,8% in the month between
February 2024 and March 2024. For the period January – March 2024, the HICP
rose by 2,0% compared to the corresponding period of the previous year.
(Table 1)  Note: The HICP in Euro area for the last month is based on EUROSTAT’s estimation (flash estimate). Compared to March 2023, the
largest positive change was noted in Restaurants and Hotels (5,7%). (Table
1) Compared to February 2024, the
largest change was recorded in category Clothing and Footwear (6,3%). (Table
1) For the period January - March
2024, compared to the corresponding period of the previous year, the largest
change was noted in Restaurants and Hotels (5,9%). (Table
1) As regards the economic origin,
the largest change when compared to the index of March 2023 was recorded in Services (4,2%).
When compared to the index of the previous month, the largest change was
monitored in category Non energy industrial goods (2,1%).
(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 Harmonised Price Index
(HICP) is 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 harmonised 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 is 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 22602116 or via e-mail: 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/GS) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
