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Inflation 1.6%
The Consumer Price Index (CPI) in December 2023 decreased by 1.22 points to 115.29 points compared to 116.51 points in November 2023. Inflation in December 2023 increased at a rate of 1.6%. (Table 1)
For the period January - December 2023, the CPI increased by 3.5% compared to the same period last year. (Table 1)
The largest change in economic categories compared to both December 2022 and the previous month was recorded in Petroleum Products with rates of -7.2% and -5.3% respectively. (Table 2)
Percentage Change Analysis
Compared to December 2022, the largest change was observed in Restaurants and Hotels (5.4%). (Table 1)
Compared to November 2023, the largest change was observed in Transportation (-3.0%). (Table 1)
For the period January - December 2023, compared to the same period last year, the largest changes occurred in the categoriesFood and Non-Alcoholic Beverages (7.7%), Restaurants and Hotels (5.9%) andHousing, Water, Electricity and LPG (5.0%). (Table 1)
Impact Analysis in Units
The Food and Non-Alcoholic Beverages (0.73) and Restaurants and Hotels (0.54) categories had the largest positive impact on the change in CPI in December 2023, compared to December 2022. The Transportation category (-0.65) had the largest negative impact on the change in the index. (Table 3)
Transport (-0.53) and Food and Non-Alcoholic Beverages (-0.48) had the largest impact on the change in the CPI, compared to the previous month.(Table 3)
The largest impact on the change in the CPI for December 2023, compared to the December 2022 index, was recorded for Transport (-1.34). (Table 4)
Finally, Oil products (-0.55), Electricity (-0.18) and Fresh vegetables (-0.13) had the largest impact on the change in the December 2023 CPI compared to the previous month's index. (Table 5)
| Table 1 |
[TR] [TD]
Categories of Goods and Services
[/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]
November
2023
[/TD] [TD]December
2023
[/TD] [TD]Dec 23/ Dec 22
[/TD] [TD]Dec 23/ Nov 23
[/TD] [TD]Jan - Dec 23/
Jan - Dec 22
[/TD] [/TD] [/TR] [TR] [TD]Food and non-alcoholic beverages
[/TD] [TD]119,43
[/TD] [TD]116.93
[/TD] [TD]3.40
[/TD] [TD]-2.09
[/TD] [TD]7,74
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]101.61
[/TD] [TD]101,14
[/TD] [TD]2.85
[/TD] [TD]-0.46
[/TD] [TD]2.33
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]109.11
[/TD] [TD]110.03
[/TD] [TD]1,83
[/TD] [TD]0.84
[/TD] [TD]2.15
[/TD] [/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]146.78
[/TD] [TD]144.31
[/TD] [TD]1,56
[/TD] [TD]-1,68
[/TD] [TD]4,98
[/TD] [/TD] [/TR] [TR] [TD]Furniture, Household Appliances and Cleaning Products
[/TD] [TD]105,03
[/TD] [TD]104,84
[/TD] [TD]0.90
[/TD] [TD]-0.18
[/TD] [TD]4.49
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]105,44
[/TD] [TD]105.59
[/TD] [TD]1.43
[/TD] [TD]0.14
[/TD] [TD]1,53
[/TD] [/TR] [TR] [TD]Transfers
[/TD] [TD]116.22
[/TD] [TD]112.74
[/TD] [TD]-3,63
[/TD] [TD]-2.99
[/TD] [TD]-1.82
[/TD] [/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91,32
[/TD] [TD]91,34
[/TD] [TD]0,72
[/TD] [TD]0,02
[/TD] [TD]-1,40
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]112,88
[/TD] [TD]113,21
[/TD] [TD]1,97
[/TD] [TD]0,29
[/TD] [TD]4,46
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]111.91
[/TD] [TD]111.91
[/TD] [TD]2.39
[/TD] [TD]0,00
[/TD] [TD]1,99
[/TD] [/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]124,50
[/TD] [TD]124,54
[/TD] [TD]5,44
[/TD] [TD]0,03
[/TD] [TD]5,92
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]109.77
[/TD] [TD]109.68
[/TD] [TD]3.70
[/TD] [TD]-0.08
[/TD] [TD]4,19
[/TD] [/TR] [TR] [TD]General Consumer Price Index
[/TD] [TD]116,51
[/TD] [TD]115.29
[/TD] [TD]1.64
[/TD] [TD]-1.05
[/TD] [TD]3,53
[/TD] [/TR]
|
Table 2 |
[/TD] [/TR] [TR] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Changes (%)
[/TD] [/TD] [/TR] [TR] [TD]Dec 23/ Dec 22
[/TD] [TD]Dec 23/ Nov 23
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]4,98
[/TD] [TD]-4.33
[/TD] [/TR] [TR] [TD]Industrial Products
(excluding Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]1.94
[/TD] [TD]-0,09
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]0.20
[/TD] [TD]-3.07
[/TD] [/TR] [TR] [TD]Petroleum
[/TD] [TD]871
[/TD] [TD]-7,24
[/TD] [TD]-5.32
[/TD] [/TR] [TR] [TD]Water
[/TD] [TD]72
[/TD] [TD]0,21
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]3971
[/TD] [TD]3,12
[/TD] [TD]-0.07
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]1,64
[/TD] [/TD] [TD]-1,05
[/TD] [/TR]
|
Table 3 |
[/TR] [TR] [TD] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [/TD] [TD]Impact (units)
[/TD] [/TD] [/TR] [TR] [TD]Dec 23/ Dec 22
[/TD] [TD]Dec 23/ Nov 23
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]0,73
[/TD] [TD]-0.48
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.10
[/TD] [TD]-0,02
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,14
[/TD] [TD]0,07
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]0.25
[/TD] [TD]-0.28
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [/TD] [TD]644
[/TD] [TD]0,06
[/TD] [TD]-0,01
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,09
[/TD] [TD]0.01
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]-0,65
[/TD] [TD]-0.53
[/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]0,13
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]392
[/TD] [TD]0.10
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]836
[/TD] [TD]0,54
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,34
[/TD] [TD]-0,01
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]1,86
[/TD] [TD]
-1.22
[/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 |
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Dec 23/ Dec 22
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,55
[/TD] [/TR] [TR] [TD]Services for regular home maintenance
[/TD] [TD]0,16
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [/TD] [TD]0,14
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,13
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0,12
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]2,68
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-1,34
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0.45
[/TD] [/TR] [TR] [TD]Airline fare
[/TD] [TD]-0,12
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]1,86
[/TD] [/TR]
|
Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Dec 23/ Nov 23
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-0,55
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0.18
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0,13
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]-0,35
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]-1,22
[/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 attributable to the reported category/good/service.
Pricing
Pricing
Pricing 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: 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 in which 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 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 Family Budget Survey 2015/2016.
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 are updated with data up to December 2021. For January 2022 and newer data, only the CYSTAT-DB Database is updated.
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Views & opinions expressed are those of the author and/or PIO
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