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02-12-2021 13:15

Consumer price index: November 2021

In November 2021, the Consumer Price Index increased by 0,57 units and reached 105,36 units compared to 104,79 units in October 2021. In November 2021, the inflation increased by 4,3%.   (Table 1)

For the period January-November 2021, the CPI increased by 2,2% compared to the corresponding period of the previous year.

As regards the economic origin, the largest changes when compared to the index of November 2020 were recorded in Electricity (35,7%) and Petroleum products (30,0%). In comparison to the index of the previous month, the largest change was monitored in Electricity (7,5%).  (Table 2)

Analysis of percentage changes

Compared to November 2020, the largest changes were monitored in the categories Housing, Water, Electricity, Gas and Other Fuels (16,9%) and Transport (16,3%). (Table 1)

In comparison to the CPI of the previous month, the largest change was noted in Housing, Water, Electricity, Gas and Other Fuels (2,9%). (Table 1)

For the period January–November 2021, compared to the corresponding period of the previous year, the largest positive change was recorded in Transport (8,1%), whereas the largest negative change was noted in Communication (-1,5%).  (Table 1)

Analysis of effects in units

Compared to the Index of November 2020, the categories Transport (2,30) and Housing, Water, Electricity, Gas and Other Fuels (1,97) had the largest effect on the change of the CPI. (Table 3)

The category Housing, Water, Electricity, Gas and Other Fuels (0,39) and Transport (0,32) had the largest positive effect on the change of the CPI compared to the previous month, whereas the category Food and Non-Alcoholic Beverages had the largest negative effect (-0,22). (Table 3)

Petroleum products (2,14) and electricity (1,14) had the most notable effect on the change of the CPI of November 2021 compared to November 2020. (Table 4)

Finally, electricity (0,30) and petroleum products (0,27) had the largest positive effect on the change of the CPI of November 2021 compared to the previous month, whereas fresh vegetables (-0,23) had the largest negative effect. (Table 5)

Table 1

 

Categories of Goods and

Services

CPI (2015=100)

Change (%)

 

October    2021

November    2021

Nov 21/ Nov20

Nov 21/

 Oct21

Jan- Nov 21/

Jan- Nov 20

 

Food and Non-Alcoholic

Beverages

102,05

100,88

-3,11

-1,15

-0,40

Alcoholic Beverages and Tobacco

97,79

97,69

0,04

-0,10

-0,32

Clothing and Footwear

106,75

107,75

1,79

0,94

1,60

Housing, Water, Electricity, Gas and Other Fuels

118,41

121,87

16,91

2,92

6,44

Furnishings, Household Equipment and Routine Maintenance of the House

97,15

96,68

1,24

-0,48

0,42

Health

103,12

103,12

1,01

0,00

0,71

Transport

106,06

108,18

16,25

2,00

8,11

Communication

94,05

94,09

-0,08

0,04

-1,48

Recreation and Culture

103,59

103,76

1,68

0,16

1,76

Education

107,36

107,36

0,56

0,00

0,22

Restaurants and Hotels

107,78

108,00

2,63

0,20

0,96

Miscellaneous Goods and Services

101,24

101,44

1,06

0,20

0,99

General Consumer Price Index

104,79

105,36

4,34

0,54

2,24

                     

 

Table 2

Economic Origin

Weights

Change (%)

Nov 21/

Nov20

Nov 21/

     Oct21

Agricultural goods

655

-8,38

-2,60

Industrial goods (excl.                           petroleum products)

4195

1,63

0,19

Electricity

319

35,67

7,45

Petroleum products

550

30,27

3,11

Water

57

0,00

0,00

Services

4224

2,39

0,23

General Index

10000

4,34

0,54

 

Table 3

Categories of Goods and Services

Weights

Effect (units)

Nov 21/

Nov20

Nov 21/

     Oct21

Food and non-Alcoholic Beverages

1906

-0,62

-0,22

Alcoholic Beverages, Tobacco

347

0,00

0,00

Clothing and Footwear

721

0,14

0,07

Housing, Water, Electricity, Gas and Other Fuels

1119

1,97

0,39

Furnishings, Household Equipment and Routine Maintenance of the House

644

0,08

-0,03

Health

637

0,07

0,00

Transport

1524

2,30

0,32

Communication

439

0,00

0,00

Recreation and Culture

575

0,10

0,01

Education

392

0,02

0,00

Restaurants and Hotels

836

0,23

0,02

Miscellaneous Goods and Services

860

0,09

0,02

General Consumer Price Index

10000

4,38

0,57

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 June not add to totals due to rounding error.

 

Table 4

Goods/Services

Effect (units)

Nov 21/ Nov20

Positive effect

 

Petroleum products

2,14

Electricity

1,14

Services for the maintenance and repair of the dwelling

0,29

Catering services

0,22

Airfares

0,19

Gas

0,17

Purchase of cars

0,16

Other goods and services

0,86

Negative effect

 

Fresh vegetables

-0,79

TOTAL

4,38

 

Table5

Goods/Services

Effect (units)

Nov 21/Oct 21

Positive effect

 

   Electricity

0,30

   Petroleum products

0,27

Other goods and services

0,23

Negative effect

 

   Fresh vegetables

-0,23

TOTAL

0,57

 

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 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 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.

For more information visit theCYSTAT Portal, subtheme Price Indices, CYSTAT-DB (Online Database) Predefined Tables (Excel)

It is notes that the Predefined Tables will be available in Excel format until December of 2021. Afterwards, the data will be available only on the Online Database CYSTAT-DB.

(EK/IK)