Recent News

Press Releases

17-07-2019 14:12

The harmonized index of Consumer Prices increased by 0,3% in June 2019

In June 2019 the harmonized index of consumer prices increased by 0,3% compared to the index of June 2018 and by 1,2% compared to the index of May 2019. For the period January – June 2019, the HICP recorded an increase of 0,9% 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 June 2018, the largest change was noted in category Housing, Water, Electricity, Gas and Other Fuels with a change of 5,3%. (Table 1)

Compared to May 2019, the largest change was recorded in category Transport (4,1%). (Table 1)

For the period January-June 2019, compared to the corresponding period of the previous year, the largest change was noted in Housing, Water, Electricity, Gas and Other Fuels (7,4%). (Table 1)

As regards the economic origin, the largest change when comparing both to the index of June 2018 and to the index of the previous month was observed in category Serviceswith percentages of 2,3% and 2,8% respectively. (Table 2)

Table 1

Categories of Goods and Services

HICP(2015=100)

Change (%)

May

2019

June

2019

June 19 /

June 18

June 19/

May 19

Jan-June 19

Jan-June18

Food and Non-Alcoholic Beverages

101,03

100,80

-0,8

-0,2

2,6

Alcoholic Beverages, Tobacco

98,03

98,33

0,7

0,3

0,2

Clothing and Footwear

101,90

101,63

-4,2

-0,3

-1,1

Housing, Water, Electricity, Gas and Other Fuels

107,58

109,61

5,3

1,9

7,4

Furnishings, Household Equipment and Routine Maintenance of the House

95,60

95,78

0,0

0,2

-0,4

Health

101,66

101,66

0,0

0,0

-0,2

Transport

95,69

99,65

0,1

4,1

-1,6

Communication

94,34

94,30

-2,8

0,0

-4,8

Recreation and Culture

99,73

99,53

2,0

-0,2

2,1

Education

103,80

103,80

1,9

0,0

1,9

Restaurants and Hotels

105,84

108,61

0,2

2,6

1,0

Miscellaneous Goods and Services

100,63

100,41

1,2

-0,2

1,4

General Harmonised Consumer Price Index

101,03

102,26

0,3

1,2

0,9

 

 

Table 2

 

Economic Origin

Weights

Change (%)

 

June 19 /

June 18

June 19/

May 19

 

General HICP

   1000

0,3

1,2

 

Energy

84,01

-2,2

-0,2

 

Food-Alcoholic Beverages-Tobacco

236,04

-0,4

-0,1

 

Non Energy Industrial Goods

219,83

-2,2

-0,2

 

Services

460,13

2,3

2,8

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) is 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.

For further information visit theStatistical Service (CYSTAT) website, subtheme Harmonized Index of Consumer Prices or contact Ms Constandia Papageorgiou: tel: +35722602116, email: cpapageorgiou@cystat.mof.gov.cy or Ms Andri Eftychiou: tel: +35725878595, email: aeftychiou@cystat.mof.gov.cy.

(EK/II)