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06-12-2018 13:06

Inflation at 2,7% in November 2018, according to the Consumer Price Index

In November 2018, the Consumer Price Index (CPI) decreased by 0,20 units and reached 102,09 units compared to 102,29 units in October 2018. Compared to November 2017, the CPI increased by 2,7% while for the period January-November 2018, the CPI increased by 1,4% compared to the corresponding period of the previous year. (Table 1)

In the twelve-month period from October 2017 to November 2018, in comparison to the period from October 2016 to November, the annual average rate of change of the CPI was 1,2%. The corresponding rate in the previous twelve month period was 0,6%.

  

As regards the economic origin, the largest change, when compared both to the index of November 2017 and to the index of the previous month, was recorded in Electricity with an increase of 33,8% and 4,2% respectively. (Table 2)

Analysis of changes

Compared to November 2017, the category Housing, Water, Electricity, Gas and Other Fuels recorded the largest positive change with a percentage of 11,8%. (Table 1)

In comparison to the CPI of October 2018, the largest negative change was noted in Transport (-2,1%) while increase was noted in Clothing and Footwear (1,5%).  (Table 1)

For the period January-November 2018, compared to the corresponding period of the previous year, the largest positive changes were noted in Transport (4,8%) and in Housing, Water, Electricity, Gas and Other Fuels (4,8%). (Table 1)

Analysis of effects

The category with the largest negative effect on the change of the CPI of November 2018 compared to the previous month, was the Transport (-0,34) whereas the largest positive effect was noted in Housing, Water, Electricity, Gas and Other Fuels (0,17). (Table 3)

The petroleum products (-0,20) had the most notable negative effect on the change of the CPI of November 2018 compared to the previous month while electricity (0,15) had the largest positive effect. (Table 4)

 

Table 1

Categories of Goods and

Services

CPI (2015=100)

Change (%)

October 2018

November 2018

Nov 18/ Nov 17

Nov 18/ Oct 18

Jan - Nov 18/

Jan - Nov 17

Food and Non-Alcoholic

Beverages

102,26

101,81

2,92

-0,44

0,60

Alcoholic Beverages and Tobacco

97,63

98,03

-0,42

0,41

-1,50

Clothing and Footwear

104,56

106,12

-0,02

1,49

-0,58

Housing, Water, Electricity, Gas and Other Fuels

109,37

110,85

11,78

1,35

4,69

Furnishings, Household Equipment and Routine Maintenance of the House

96,69

96,14

-0,31

-0,57

-1,41

Health

101,83

101,85

-0,43

0,02

-0,03

Transport

103,10

100,90

4,64

-2,13

4,80

Communication

92,30

92,30

-5,13

0,00

-1,76

Recreation and Culture

99,80

99,82

1,42

0,02

0,70

Education

105,01

105,01

3,04

0,00

2,53

Restaurants and Hotels

104,08

103,60

2,42

-0,46

1,75

Miscellaneous Goods and Services

99,94

100,03

0,71

0,09

-0,01

General Consumer Price Index

102,29

102,09

2,66

-0,20

1,41

             

 

Table 2

Economic Origin

Weights

Change (%)

Nov 18/

Nov 17

Nov 18/

Oct 18

General Index

10000

2,66

-0,20

Agricultural goods

655

7,64

-0,29

Industrial goods (excl.                           petroleum products)

4195

-0,63

0,03

Electricity

319

33,80

4,16

Petroleum products

550

7,52

-2,36

Water

57

-2,78

0,00

Services

4224

1,82

-0,28

 

Table 3

Categories of Goods and Services

Weights

Effect (units)

Nov 18/

              Oct 18

Food and non-alcoholic beverages

1906

-0,09

Alcoholic beverages, tobacco

347

0,01

Clothing and footwear

721

0,11

Housing, water, electricity, gas and other fuels

1119

0,17

Furnishings, household equipment and routine maintenance of the house

644

-0,04

Health

637

0,00

Transport

1524

-0,34

Communication

439

0,00

Recreation and culture

575

0,00

Education

392

0,00

Restaurants and hotels

836

-0,04

Miscellaneous goods and services

860

0,01

General Consumer Price Index

10000

-0,20

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)

Nov 18/ Oct 18

Positive effect

 

Electricity

0,15

Clothing

0,11

Negative effect

 

Petroleum products

-0,20

Fresh Fruits

-0,12

Airfares

-0,11

Other goods and services

-0,03

TOTAL

-0,20

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, E-mail: cpapageorgiou@cystat.mof.gov.cy

Andri Eftychiou: Τel.: +35725878595, E-mail: aeftychiou@cystat.mof.gov.cy

(ML)