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07-11-2019 17:12

Consumer Price index (CPI): October 2019 Inflation -1,0%

In October 2019, the Consumer Price Index increased by 0,40 units and reached 101,29 units compared to 100,89 units in September 2019. Compared to October 2018, the CPI decreased by 1%. (Table 1)

In the twelve-month period from November 2018 to October 2019, in comparison to the period from November 2017 to October 2018, the annual average rate of change of the CPI was 0,6%, while during the corresponding previous twelve month period the CPI increased by 1%.

 

Comparing to the index of October 2018 the largest change in economic origin was recorded in Petroleum products (-10,4%), while in comparison to the index of the previous month, the largest change was noted in  Agricultural goods with a percentage of -3,8%. (Table 2)

Analysis of changes

Compared to October 2018, the category Transport recorded the largest change with a percentage of   -5%.(Table 1)

In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear (5,8%). (Table 1)

For the period between January – October 2019, compared to the corresponding period of the previous year, the largest change was recorded in Housing, Water, Electricity, Gas and Other Fuels (4,4%).  (Table 1)

Analysis of effects

Compared to October 2018, the category Transport had the largest effect (-0,79) on the change of the CPI. (Table 3)

The category Clothing and Footwear had the largest positive effect (0,42) on the change of the CPI compared to the previous month, while Food and non-alcoholic beverages had the biggest negative effect (-0,32). (Table 3)

Petroleum products had the most notable effect (-0,92) on the change of the CPI of October 2019 compared to October 2018. (Table 4)

Finally, clothing had the largest positive effect of 0,27 units on the change of the CPI of October 2019 compared to the previous month, while fresh fruits had the biggest negative effect of 0,16 units.    (Table 5)

Table 1

Categories of Goods and

Services

CPI (2015=100)

Change (%)

September     2019

October     2019

Oct 19/ Oct 18

Oct 19/ Sep 19

Jan- Oct 19/

Jan- Oct 18

Food and Non-Alcoholic

Beverages

100,74

99,07

-3,12

-1,66

0,60

Alcoholic Beverages and Tobacco

97,64

98,13

0,51

0,50

0,46

Clothing and Footwear

98,92

104,69

0,12

5,83

-0,47

Housing, Water, Electricity, Gas and Other Fuels

108,40

110,05

0,62

1,52

4,44

Furnishings, Household Equipment and Routine Maintenance of the House

96,49

96,54

-0,16

0,05

0,09

Health

101,43

101,56

-0,27

0,13

-0,27

Transport

97,36

97,90

-5,04

0,55

-3,40

Communication

94,84

94,79

2,70

-0,05

-2,88

Recreation and Culture

99,95

99,96

0,16

0,01

0,21

Education

106,46

106,79

1,70

0,31

1,84

Restaurants and Hotels

105,43

105,29

1,16

-0,13

1,69

Miscellaneous Goods and Services

100,28

100,45

0,51

0,17

1,04

General Consumer Price Index

100,89

101,29

-0,98

0,40

0,28

Table 2

Economic Origin

Weights

Change (%)

Oct 19/

Oct 18

Oct 19/

Sep 19

General Index

10000

-0,98

0,40

Agricultural goods

655

-5,43

-3,78

Industrial goods (excl.                           petroleum products)

4195

-0,98

1,12

Electricity

319

1,59

2,90

Petroleum products

550

-10,44

0,88

Water

57

0,00

0,00

Services

4224

1,90

0,20

Table3

Categories of Goods and Services

Weights

Effect (units)

Oct 19/

Oct 18

Oct 19/

Sep 19

Food and non-alcoholic beverages

1906

-0,61

-0,32

Alcoholic beverages, tobacco

347

0,02

0,02

Clothing and footwear

721

0,01

0,42

Housing, water, electricity, gas and other fuels

1119

0,08

0,18

Furnishings, household equipment and routine maintenance of the house

644

-0,01

0,00

Health

637

-0,02

0,01

Transport

1524

-0,79

0,08

Communication

439

0,11

0,00

Recreation and culture

575

0,01

0,00

Education

392

0,07

0,01

Restaurants and hotels

836

0,10

-0,01

Miscellaneous goods and services

860

0,04

0,01

General Consumer Price Index

10000

-1,00

0,40

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.

 

Table 4

Goods/Services

Effect (units)

Oct 19/

Oct 18

Positive effect

 

Other goods and services

0,18

Negative effect

 

Petroleum products

-0,92

Potatoes

-0,26

TOTAL

-1,00

Table5

Goods/Services

Effect (units)

Oct  19/

Sep 19

Negative effect

 

Clothing

0,27

Footwear

0,15

Electricity

0,11

Other goods and services

0,17

Negative effect

 

Fresh Fruits

-0,16

Fresh Vegetables

-0,14

TOTAL

0,40

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 fruits), 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 December 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.

Further information:

Statistical Service (CYSTAT) Website, subtheme Consumer Price Index

Contact

Constandia Papageorgiou: Tel: +35722602116, Email:

cpapageorgiou@cystat.mof.gov.cy

Andri Eftychiou: Τel: +35725878595, Email: aeftychiou@cystat.mof.gov.cy

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