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Annual Change 3.0%
The Harmonised Index of Consumer Prices in May 2024 increased by 3.0% compared to May 2023, while compared to the previous month it increased by 1.2%. For the period January to May 2024, there was a 2.2% increase compared to the same period last year.
(Table 1)
Note: Eurozone HICP for last month is based on EUROSTAT flash estimate.
Compared to May 2023, the categories Restaurants & Hotels (6.1%) and Transport (5.6%) showed the largest positive change. (Table 1)
Compared to April 2024, the largest change was recorded in the category Restaurants and Hotels (2.4%). (Table 1)
For the period January to May 2024 compared to the same period last year, the largest change was observed in the category Restaurants and Hotels (5.8%).(Table 1)
The largest change in the economic categories compared to May 2023 was observed in the category Energy with a rate of 7.2%, while compared to the previous month it was observed in the category Services with a rate of 1.7%. (Table 2)
| Table 1 |
[TR] [TD]
Goods
and Services
categories [/TD] [TD]HICP (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]April 2024
[/TD] [/TD] [TD]May 2024
[/TD] [TD]May 24/
May 23
[/TD] [TD]May 24/
Apr 24
[/TD] [TD]Jan - May
24/23
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]122,35
[/TD] [TD]124.58
[/TD] [TD]1.4
[/TD] [TD]1.8
[/TD] [TD]2.0
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]101.86
[/TD] [TD]102,11
[/TD] [TD]0.9
[/TD] [TD]0.2
[/TD] [TD]2.0
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]106,96
[/TD] [TD]107.54
[/TD] [TD]0.0
[/TD] [TD]0,5
[/TD] [TD]0,6
[/TD] [/TR] [TR] [TD]Housing, Water,
Electricity and LPG
143,96
[/TD] [TD]144,50
[/TD] [TD]2,8
[/TD] [TD]0,4
[/TD] [TD]1,0
[/TD] [/TD] [/TR] [TR] [TD]Furniture, Household Equipment and Cleaning Products
[/TD] [TD]103,97
[/TD] [TD]104,40
[/TD] [TD]-0.1
[/TD] [TD]0.4
[/TD] [TD]-0.5
[/TD] [/TD] [/TR] [TR] [TD]Health
[/TD] [TD]106,37
[/TD] [TD]106.38
[/TD] [TD]1.2
[/TD] [TD]0.0
[/TD] [TD]1,2
[/TD] [/TR] [TR] [TD]Transfers
[/TD] [TD]113,31
[/TD] [TD]115,60
[/TD] [TD]5,6
[/TD] [TD]2,0
[/TD] [TD]0,9
[/TD] [/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]90,70
[/TD] [TD]90,85
[/TD] [TD]-0,1
[/TD] [TD]0,2
[/TD] [TD]0,0
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]114,66
[/TD] [TD]114,65
[/TD] [TD]2,5
[/TD] [TD]0,0
[/TD] [TD]2,6
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]110.54
[/TD] [TD]110.54
[/TD] [TD]2.3
[/TD] [TD]0,0
[/TD] [TD]2,3
[/TD] [/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]121,14
[/TD] [TD]124,07
[/TD] [TD]6,1
[/TD] [TD]2,4
[/TD] [TD]5,8
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]111.65
[/TD] [TD]111.86
[/TD] [TD]3.1
[/TD] [TD]0.2
[/TD] [TD]2,9
[/TD] [/TR] [TR] [TD]General Harmonized CPI
[/TD] [TD]116,07
[/TD] [/TD] [TD]117.46
[/TD] [TD]3.0
[/TD] [TD]1.2
[/TD] [TD]2,2
[/TD] [/TR]
| Table 2 |
[TR] [TD]
Economic Categories
[/TD] [TD]Coefficients Weighting
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]May 24/
May 23
[/TD] [TD]May 24/
Apr 24
[/TD] [/TR] [TR] [TD]General En.CPI
[/TD] [/TD] [TD]
1000
[/TD] [TD]3.0
[/TD] [TD]1.2
[/TD] [/TR] [TR] [TD]Energy
[/TD] [TD]101,71
[/TD] [TD]7.2
[/TD] [TD]0.6
[/TD] [/TR] [TR] [TD]Foods-Salted Beverages-Tobacco
[/TD] [TD]222.41
[/TD] [TD]1,3
[/TD] [TD]1,4
[/TD] [/TD] [/TR] [TR] [TD]Non-energy industrial products
[/TD] [TD]231,47
[/TD] [TD]-0,2
[/TD] [TD]0,3
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]444.42
[/TD] [TD]4.7
[/TD] [TD]1.7
[/TD] [/TR]
Note: Individual weights are calculated to infinite decimal places and are published rounded to two decimal places. The difference in the sum is due to rounding error
Methodological Information
Definitions
The Harmonised Index of Consumer Prices (HICP) is an economic indicator compiled to measure changes over time in the prices of purchased consumer goods and services, used or paid for by households and tourists within the economic territory of the country. HICP is calculated according to a harmonised approach and methodology, as laid down by the EU in a series of relevant Regulations.
Annual change shows the change in HICP compared to the corresponding month of the previous year.
Products/Services
With effect from January 2018, the products included in HICP have been revised. The revision was based on the results of the Family Budget Survey 2015/2016. More information is available on the Statistical Office's website in the Methodology section, under the Economy/ Price Indices/ Harmonised Index of Consumer Prices statistical subtopic.
Price collection
Price collection is carried out only in the urban areas of the districts of Nicosia, Larnaca, Limassol and Paphos. For each city, price fluctuations by product each month are weighted according to population. Specifically, the weights for the four provinces are as follows: Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 10%.
The prices of 805 items (goods and services) are recorded once every month, except for some seasonal products (e.g. vegetables and fruits), meat and fuel, whose prices are collected every week (every Thursday). The prices collected are actual prices paid by consumers, including various taxes (VAT, excise duties). Prices of sales and other offers are also taken into account in the calculation of the Index, provided that they are generally applicable and not subject to conditions.
Item weighting coefficients
The HICP item weights are calculated on the basis of consumer expenditure (of households and tourists) incurred in the economic territory of the country. Until 2011, the main source for consumer expenditure was the Family Budget Survey, while since 2012 and based on a regulation of the European Statistical Office (No 1148/2020), mainly data from the National Accounts are used.
Base year
The base year from January 2006 to December 2015 was 2005=100. From January 2016, the base year is 2015=100.
Classification
Until December 2015, the HICP was calculated and published on the basis of the COICOP4 classification, which defines the product category up to four digits. Since January 2016, HICP is calculated and published on the basis of the ECOICOP classification, following a regulation of the European Statistical Office. Therefore, the lowest level of detail for the classification used is five digits.
As of February 2019, Statistics Cyprus publishes the economic categories of HICP as calculated from more detailed data.
For more information, interested parties can visit the Statistical Office's Portal, under Price Indices, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information, or contact Ms Constantia Papageorgiou at 22602116 or at cpapageorgiou@cystat.mof.gov.cy.
The Predefined Tables in Excel format include data up to December 2021. For data from January 2022 onwards, the update is done only in the CYSTAT-DB Database.
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