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Inflation 2.6%
The Consumer Price Index in August 2023 increased by 1.04 points to 116.34 points compared to 115.30 points in July 2023. Inflation in August 2023 increased at a rate of 2.6%. (Table 1)
For the period January - August 2023, the CPI increased by 4.0% compared to the same period last year. (Table 1)
The largest positive change in economic categories compared to August 2022 was recorded in Agricultural Products with a rate of 14.0% while the largest negative change was recorded in Petroleum Products with a rate of -9.6%. Compared to the previous month, the largest change occurred in Petroleum Products with a rate of 5.1%. (Table 2)
Percentage Change Analysis
Compared to August 2022, the largest positive change was observed in the category Food and Non-Alcoholic Beverages (10.0%), while the largest negative change was observed in the category Transport (-3.1%). (Table 1)
Compared to July 2023, the largest change was observed in the category Transport (3.0%). (Table 1)
For the period January to August 2023 compared to the same period last year, the largest changes occurred in the categories Food and Non-Alcoholic Beverages (9.1%), Housing, Water, Electricity & LPG (6.5%) and Restaurants & Hotels (6.3%). (Table 1)
Impact Analysis in Units
The largest positive impact on the change in the August 2023 CPI compared to August 2022 was in Food and Non-Alcoholic Beverages (2.11), while the largest negative impact was in Transportation (-0.59). (Table 3)
The largest positive impact on the change in CPI compared to the previous month was in Transport (0.54) and Housing, water, electricity and gas (0.44). (Table 3)
The largest impact on the change in the August 2023 CPI compared to the August 2022 index was Petroleum products (-1.16). (Table 4)
Finally, Petroleum Products (0.52) and Fresh Vegetables (0.44) had the largest positive impact on the change in the August 2023 CPI compared to the previous month's index. (Table 5)
Note: Totals are calculated based on individual impacts to infinite decimal places and are published rounded to two decimal places. Possible differences in totals are due to rounding error.
| Table 1 |
[/TD] [TD] [/TD] [/TD]
[TR] [TD]
Categories of goods and Services
[/TD] [/TD] [TD]
CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]
July
2023
[/TD] [TD]August
2023
[/TD] [TD]Aug 23/Aug 22
[/TD] [TD]Aug 23/ Jul 23
[/TD] [TDJan - Aug 23/
Jan - Aug 22
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]120,14
[/TD] [TD]122.43
[/TD] [TD]9.95
[/TD] [TD]1.91
[/TD] [TD]9,05
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]101.35
[/TD] [TD]101.30
[/TD] [TD]3.03
[/TD] [TD]-0.05
[/TD] [TD]2,06
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]96.84
[/TD] [TD]96.53
[/TD] [TD]2.64
[/TD] [TD]-0,32
[/TD] [TD]2.36
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]144,19
[/TD] [TD]144.34
[/TD] [TD]-1.51
[/TD] [TD]0.10
[/TD] [TD]6.50
[/TD] [/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [/TD] [TD]105,28
[/TD] [TD]105,50
[/TD] [TD]3,52
[/TD] [TD]0,21
[/TD] [TD]5.81
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]105.31
[/TD] [TD]105.31
[/TD] [TD]1.65
[/TD] [TD]0,00
[/TD] [TD]1,54
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]117,84
[/TD] [TD]121,41
[/TD] [TD]-3,10
[/TD] [TD]3,03
[/TD] [TD]-2.70
[/TD] [/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91.19
[/TD] [TD]91.15
[/TD] [TD]-0,78
[/TD] [TD]-0.04
[/TD] [TD]-1.96
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]112.45
[/TD] [TD]113,22
[/TD] [TD]3.43
[/TD] [TD]0.68
[/TD] [TD]5.32
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]109.30
[/TD] [TD]109,30
[/TD] [TD]1,81
[/TD] [TD]0,00
[/TD] [TD]1,81
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]122,35
[/TD] [TD]122.67
[/TD] [TD]4.72
[/TD] [TD]0.26
[/TD] [TD]6,31
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]108.56
[/TD] [TD]108.42
[/TD] [TD]4.33
[/TD] [TD]-0,13
[/TD] [TD]4.29
[/TD] [/TR] [TR] [TD]General Consumer Price Index
[/TD] [TD]115,30
[/TD] [TD]116.34
[/TD] [TD]2.64
[/TD] [TD]0.90
[/TD] [TD]3,98
[/TD] [/TR]
| Table 2 |
[TD]
[/TD] [TD]
[/TD]
[TR] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD]
M (%)
[/TD] [TD][/TD] [/TR] [TR] [TD]
Aug 23/Aug 22
[/TD] [/TD] [TD]Aug 23/ Jul 23
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]13,95
[/TD] [TD]4,42
[/TD] [/TR] [TR] [TD]Industrial Products
(except Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]5,08
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]-5,92
[/TD] [TD]-1,84
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]-9.62
[/TD] [TD]5,13
[/TD] [/TR] [TR] [TD]Water
[/TD] [TD]72
[/TD] [TD]3.55
[/TD] [TD]0.00
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]3971
[/TD] [TD]2,78
[/TD] [TD]0.44
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]2,64
[/TD] [TD]0,90
[/TD] [/TR]
| Table 3 |
[TD]
[/TD] [/TD]
[TR] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Aug 23/Aug 22
[/TD] [/TD] [TD]Aug 23/ Jul 23
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]2,11
[/TD] [TD]0.44
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.10
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,18
[/TD] [TD]-0,02
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]-0.25
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [TD]644
[/TD] [TD]0,23
[/TD] [TD]0,01
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,11
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]-0.59
[/TD] [TD]0.54
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]-0,03
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]575
[/TD] [TD]0,22
[/TD] [TD]0,04
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]392
[/TD] [TD]0,08
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]836
[/TD] [TD]0,46
[/TD] [TD]0.03
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,39
[/TD] [TD]-0.01
[/TD] [/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]3.00
[/TD] [TD]1,04
[/TD] [/TR]
|
Table 4 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Aug 23/Aug 22
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,57
[/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,44
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,28
[/TD] [/TR] [TR] [TD]Car purchase
[/TD] [TD]0,24
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Services for regular home maintenance
[/TD] [TD]0,16
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0,13
[/TD] [/TR] [TR] [TD]Miscellaneous other goods and services
[/TD] [TD]2,49
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-1,16
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0.37
[/TD] [/TR] [TR] [TD]TOTAL
[/TD] [TD]3,00
[/TD] [/TR]
|
Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Aug 23/ Jul 23
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]0,52
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,44
[/TD] [/TR] [TR] [TD]Miscellaneous other goods and services
[/TD] [/TD] [TD]0,19
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0,11
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]1,04
[/TD] [/TR] [/TR]
Methodological information
Definitions
The Consumer Price Index (CPI) 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 (residing in Cyprus or intending to reside in Cyprus for at least one year). The CPI is the official indicator for the calculation of inflation.
Inflation shows the change in the CPI compared to the corresponding month of the previous year.
Impact represents the amount of the total change in the CPI that is attributable to the reported category/good/service.
Pricing
Pricing is carried out only in the urban areas of Nicosia, Larnaca, Limassol and Paphos Districts. For each city, price fluctuations by product each month are weighted according to population. In particular, the weights for the four provinces are: Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 10%.
The prices of the 805 items and services included in the CPI are monitored and recorded once a month, except for some seasonal products (e.g.
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 CPI was calculated and published according to the COICOP4 classification, which defines the product category up to four digits. Since January 2016, the CPI 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.
Products/Services and Weighting Coefficients
With effect from January 2018, both the products included in the CPI and their weighting coefficients have been revised. The revision was based on the results of the 2015/2016 Family Budget Survey.
For more information, interested parties can visit the Statistical Service Portal, under Price Indices, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Ms Constantia Papageorgiou at 22602116 or cpapageorgiou@cystat.mof.gov.cy.
Note that the Predefined Tables in Excel format are updated with data up to December 2021. For January 2022 and newer data, only the CYSTAT-DB Database is updated.
(AF/EXP)
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