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06-02-2020 12:38

Consumer Price Index (CPI): January 2020 Inflation 1,1%

In January 2020, the Consumer Price Index decreased by 0,60 units and reached 100,83 units compared to 101,43 units in December 2019. Compared to January 2019, the CPI increased by 1,1%. (Table 1) 

 

With regard to the economic origin, the largest change, when compared to January 2019, was recorded in Petroleum Products with a percentage of 8,1%, while in comparison to the previous month, Agricultural goods recorded the highest change of 7,6%. (Table 2)

Analysis of percentage changes

Compared to January 2019, the categories Transport and Communication recorded the largest changes with percentages of 4,1% and 3,3% respectively. (Table 1)

In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear (-17,9%). (Table 1)

Analysis of effects in units

Compared to the Index of January 2019, the category Transport had the largest effect (0,59) on the change of the CPI. (Table 3)

The category Food and Non-Alcoholic Beverages had the largest positive effect (0,73) on the change of the CPI compared to the previous month, while Clothing and Footwear had the largest negative effect (-1,36). (Table 3)

Petroleum products had the most notable effect (0,60) on the change of the CPI of January 2020 compared to January 2019. (Table 4)

Finally, fresh vegetables had the largest positive effect of 0,38 units on the change of the CPI of January 2020 compared to the previous month, whereas clothing and footwear had the largest negative effect of 0,99 and 0,37 units respectively. (Table 5)

 

Table 1

Categories of Goods and

Servic

CPI (2015=100)

Change (%)

December     2019

January     2020

Jan 20/ Jan 19

Jan 20/ Dec 19

Food and Non-Alcoholic

Beverages

100,27

104,12

0,91

3,84

Alcoholic Beverages and Tobacco

97,56

97,94

0,03

0,39

Clothing and Footwear

105,11

86,29

-2,19

-17,91

Housing, Water, Electricity, Gas and Other Fuels

110,46

111,26

1,16

0,72

Furnishings, Household Equipment and Routine Maintenance of the House

96,18

95,48

0,34

-0,73

Health

101,58

101,89

-0,23

0,31

Transport

97,65

97,39

4,14

-0,27

Communication

94,67

95,22

3,29

0,58

Recreation and Culture

99,85

99,81

0,16

-0,04

Education

106,79

106,79

1,70

0,00

Restaurants and Hotels

104,79

104,99

1,49

0,19

Miscellaneous Goods and Services

100,01

99,43

-0,57

-0,58

General Consumer Price Index

101,43

100,83

1,07

-0,59

 

 

 

Table 2

Economic Origin

Weights

Change (%)

Jan 20/

Jan 19

Jan 20/

Dec 19

General Index

10000

1,07

-0,59

Agricultural goods

655

1,50

7,59

Industrial goods (excl.                           petroleum products)

4195

-0,92

-3,27

Electricity

319

-3,09

0,25

Petroleum products

550

8,13

0,29

Water

57

-0,77

-0,77

Services

4224

1,93

0,16

 

 

 

Table 3

Categories ooods and Services

Weights

Effect (units)

Jan 20/

Jan 19

Jan 20/

Dec 19

Food and non-alcoholic beverages

1906

0,18

0,73

Alcoholic beverages, tobacco

347

0,00

0,01

Clothing and footwear

721

-0,14

-1,36

Housing, water, electricity, gas and other fuels

1119

0,14

0,09

Furnishings, household equipment and routine maintenance of the house

644

0,02

-0,05

Health

637

-0,01

0,02

Transport

1524

0,59

-0,04

Communication

439

0,13

0,02

Recreation and culture

575

0,01

0,00

Education

392

0,07

0,00

Restaurants and hotels

836

0,13

0,02

Miscellaneous goods and services

860

-0,05

-0,05

General Consumer Price Index

10000

1,07

-0,60

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)

Jan 20/

Jan 19

Positive effect

 

Petroleum products

0,60

Fresh fruits

0,13

Mobile telephony

0,13

Other goods and services

0,21

TOTAL

1,07

 

Table 5

Goods/Services

Effect (units)

Jan  20/

Dec 19

Positive effect

 

Fresh vegetables

0,38

Fresh fruits

0,07

Potatoes

0,05

Other goods and services

0,26

Negative effect

 

Clothing

-0,99

Footwear

-0,37

TOTAL

-0,60

 

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

 

ND/SCH