The Consumer Price Index in December 2022 decreased by 1.12 points to 113.43 points compared to 114.55 points in November 2022. Inflation in December 2022 increased at a rate of 7.9% (Table 1).
For the period January-December 2022, the CPI increased by 8.4% compared to the same period last year (Table 1).
The largest changes in economic categories compared to December 2021 were recorded in Electricity at 32.7% and in Petroleum products at 12.9%. Compared to the previous month, the largest change occurred in Agricultural Products (-7.1%).
Analysis of percentage changes
Compared to December 2021, the largest changes were observed in Housing, Water, Electricity and LPG (17.1%) and Food and Non-alcoholic Beverages (12.6%). (Table 1)
Compared to November 2022, the largest changes were observed in Food and Non-alcoholic Beverages (-2.9%) and Transport (-2.3%). (Table 1)
For the period January - December 2022 compared to the same period last year, the largest changes occurred in Housing, Water, Electricity and LPG (21.0%) and Transport (16.3%). (Table 1)
Unit impact analysis
The largest impact on the change in CPI in December 2022 compared to December 2021 was in Food and Non-Alcoholic Beverages (2,41), Housing, Water, Electricity and LPG (2.32) and Transport (1.51). (Table 3)
The categories Food and Non-Alcoholic Beverages (-0.65) and Transportation (-0.42) had the largest negative impact on the month-on-month change in CPI. (Table 3)
The largest impact on the December 2022 CPI change compared to the December 2021 index was Electricity (1.41) and Petroleum products (1.20). (Table 4)
Finally, Petroleum products (-0.57) and fresh vegetables (-0.56) had the largest negative impact on the change in the December 2022 CPI compared to the previous month's index. (Table 5)
| Table 1 |
[TR] [TD]
Categories Goods and Services
[/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]November
2022
[/TD] [TD]December
2022
[/TD] [TD]Dec 22/Dec 21
[/TD] [TD]Dec 22/ Nov 22
[/TD] [TD]Jan - Dec 22/
Jan - Dec 21
[/TD] [/TR] [TR] [TD]Food and non-alcoholic beverages
[/TD] [TD]116,48
[/TD] [TD]113.08
[/TD] [TD]12.57
[/TD] [TD]-2.92
[/TD] [TD]8,88
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]98.80
[/TD] [TD]98.34
[/TD] [TD]0,86
[/TD] [TD]-0.47
[/TD] [TD]0.97
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]107,76
[/TD] [TD]108.05
[/TD] [TD]0.39
[/TD] [TD]0.27
[/TD] [TD]1,63
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]142,96
[/TD] [TD]142,10
[/TD] [TD]17,09
[/TD] [TD]-0,60
[/TD] [TD]21,01
[/TD] [/TR] [TR] [TD]Furniture, Household Equipment and Cleaning Supplies
[/TD] [TD]103,58
[/TD] [TD]103,91
[/TD] [TD]6,74
[/TD] [TD]0,32
[/TD] [TD]5,16
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]103.99
[/TD] [TD]104.10
[/TD] [TD]0,92
[/TD] [TD]0.11
[/TD] [TD]0.77
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]119,75
[/TD] [TD]116.99
[/TD] [TD]9.25
[/TD] [TD]-2.30
[/TD] [TD]16,25
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91.86
[/TD] [TD]90.69
[/TD] [TD]-3,61
[/TD] [TD]-1.27
[/TD] [TD]-0.44
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]110,55
[/TD] [TD]111,02
[/TD] [TD]6,89
[/TD] [TD]0,43
[/TD] [TD]4,49
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]109.30
[/TD] [TD]109.30
[/TD] [TD]1.81
[/TD] [TD]0,00
[/TD] [TD]0,96
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]117,87
[/TD] [TD]118,12
[/TD] [TD]9,26
[/TD] [TD]0,21
[/TD] [TD]7,60
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]105,59
[/TD] [TD]105.77
[/TD] [TD]4.24
[/TD] [TD]0.17
[/TD] [TD]2.71
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]114,55
[/TD] [TD]
113.43
[/TD] [TD]7.93
[/TD] [TD]-0.98
[/TD] [TD]8,39
[/TD] [/TR]
|
Table 2 |
[/TD] [/TR] [TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]M (%)
[/TD] [/TD] [/TR] [TR] [TD]
Dec 22/Dec 21
[/TD] [/TD] [TD]
Dec 22/ Nov 22
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]8,93
[/TD] [TD]-7.14
[/TD] [/TR] [TR] [TD]Industrial Products
(excluding Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]7.89
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]32.69
[/TD] [TD]-0,53
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]12,85
[/TD] [TD]-4,88
[/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]4,20
[/TD] [TD]0.04
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]8,93
[/TD] [TD]-0,98
[/TD] [/TR]
|
Table 3 |
[TD]
[/TD]
[TR] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Dec 22/Dec 21
[/TD] [TD]Dec 22/ Nov 22
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]2,41
[/TD] [TD]-0.65
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.03
[/TD] [TD]-0,02
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,03
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]2.32
[/TD] [TD]-0.10
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [/TD] [TD]644
[/TD] [TD]0,42
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,06
[/TD] [TD]0.01
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]1,51
[/TD] [TD]-0.42
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]-0,15
[/TD] [TD]-0.05
[/TD] [/TR] [TR] [TD]Leisure and culture
[/TD] [TD]575
[/TD] [TD]0.41
[/TD] [TD]0,03
[/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]0,84
[/TD] [TD]0.02
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0.37
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]8,33
[/TD] [TD]
-1,12
[/TD] [/TR] [TR] [TD]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.
[/TD] [/TR]
| Table 4 |
| Products/Services |
[TD]
Impact (units)
[/TD][TR] [TD]
Dec 22/Dec 21
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]1,41
[/TD] [/TR] [TR] [TD]Petroleum
[/TD] [TD]1.20
[/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,82
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,47
[/TD] [/TR] [TR] [TD]Purchase of cars
[/TD] [TD]0,46
[/TD] [/TR] [TR] [TD]Services for regular maintenance of housing
[/TD] [TD]0,36
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [/TD] [TD]3,62
[/TD] [/TR] [TR] [TD]TOTAL
[/TD] [/TD] [TD]8,33
[/TD] [/TR]
| Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Dec 22/ Nov 22
[/TD] [/TD] [/TR] [TR] [TD]
Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]0,11
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-0,57
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0.56
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]-0,10
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]-1,12
[/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 consumer goods and services purchased, 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 CPI attributable to the reported category/good/service.
Pricing
Pricing is carried out only in 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: 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.
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 CPI was calculated and published on the basis of the COICOP4 classification whereby the product category is defined 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 weightings
With effect from January 2018, both the products included in the CPI and their weightings have been revised. The revision was based on the results of the Family Budget Survey 2015/2016.
For more information:
Statistical Service Portal, under Price Indices
CYSTAT-DB (Database)
Predefined Tables (Excel)
The Predefined Tables in Excel
format are updated with data up to December 2021. For January 2022 and newer data, updates are made only in the
CYSTAT-DB.
Contact
Konstantia Papageorgiou
Tel:+35722602116, Tel. Postal: cpapageorgiou@cystat.mof.gov.cy
(MX/EXP)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
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