20-10-2021 15:01
Harmonized Index of Consumer Prices (HICP): September 2021
In September 2021 the Harmonized Index of Consumer Prices increased by 3,6% when compared to the index of September 2020 while, when compared to the index of August 2021, the HICP decreased by 0,5%. For the period January – September 2021 the HICP recorded an increase of 1,5% 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 September 2020, the largest changes were noted in Housing, Water, Electricity, Gas and Other Fuels and Transport with percentages of +15,2% and +12,4% respectively. (Table 1)
Compared to August 2021, the largest change was recorded in Clothing and Footwear with a percentage of +9,6%. (Table 1)
For the period January – September 2021, compared to the corresponding period of the previous year, the largest change was noted in Transport (+6,7%). (Table 1)
As regards the economic origin, the largest change when compared to the index of September 2020 was observed in Energy with a percentage of +25,5%. When compared to the index of the previous month, the largest change was monitored in category Non energy industrial goods with a percentage of +3,0%. (Table 2)
Table 1 |
|||||
Categories of Goods and Services |
HICP (2015=100) |
Change (%) |
|||
August 2021 |
September 2021 |
Sep 21/ Sep 20 |
Sep 21/ Aug 21 |
Jan-Sep 21/ Jan-Sep 20 |
|
Food and Non-Alcoholic Beverages |
108,31 |
105,33 |
1,4 |
-2,8 |
-0,2 |
Alcoholic Beverages and Tobacco |
95,25 |
95,99 |
-0,3 |
0,8 |
-0,8 |
Clothing and Footwear |
90,40 |
99,11 |
1,1 |
9,6 |
2,1 |
Housing, Water, Electricity, Gas and Other Fuels |
113,72 |
113,48 |
15,2 |
-0,2 |
4,5 |
Furnishings, Household Equipment and Routine Maintenance of the House |
95,31 |
96,10 |
1,2 |
0,8 |
0,2 |
Health |
103,11 |
103,35 |
0,9 |
0,2 |
0,6 |
Transport |
103,92 |
101,09 |
12,4 |
-2,7 |
6,7 |
Communication |
93,92 |
93,91 |
0,0 |
0,0 |
-1,8 |
Recreation and Culture |
104,92 |
105,37 |
1,6 |
0,4 |
2,1 |
Education |
105,53 |
106,13 |
0,6 |
0,6 |
0,2 |
Restaurants and Hotels |
107,17 |
105,38 |
0,9 |
-1,7 |
-0,6 |
Miscellaneous Goods and Services |
100,48 |
101,07 |
0,7 |
0,6 |
0,6 |
General Harmonised Consumer Price Index |
103,86 |
103,31 |
3,6 |
-0,5 |
1,5 |
|
Table 2 |
||||
|
Economic Origin |
Weights |
Change (%) |
||
|
Sep 21/ Sep 20 |
Sep 21/ Aug 21 |
|||
|
General HICP |
1000 |
3,6 |
-0,5 |
|
|
Energy |
84,01 |
25,5 |
-0,4 |
|
|
Food-Alcoholic Beverages-Tobacco |
236,04 |
1,0 |
-1,9 |
|
|
Non energy industrial goods |
219,83 |
1,9 |
3,0 |
|
|
Services |
460,13 |
2,0 |
-1,8 |
|
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 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.
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 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 1114/2010).
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. With the publication of February 2019, CYSTAT is publishing HICP special aggregates (economic origin) compiled from more detailed input data.
Methodological change
Following Eurostat’s requirement for the HICP in order to be in line with Regulation No 330/2009, a different method for the compilation of the index of fresh fruits and vegetables has been applied starting with the index of January 2021. The HICP of September 2021 with the index of fruits and vegetables compiled with the previous method would be 103,31 units and the inflation 0,02%.
For further information visit the Statistical Service (CYSTAT) website, subtheme Harmonized Index of Consumer Prices or contact Ms Constandia Papageorgiou: tel: +35722602116, email: cpapageorgiou@cystat.mof.gov.cy
(EK/ECHR)
Relevant Press Releases
19-04-2024 16:42
PIO e-mail Αlerts service is suspended
18-04-2024 14:04
Price Index of Construction Materials: March 2024
17-04-2024 13:26
Harmonised Index of Consumer Prices (HICP): March 2024