Inflation 6.6%
The Consumer Price Index in February 2022 increased by 1.27 points to 105.84 points compared to 104.57 points in January 2022. Inflation in February 2022 increased at a rate of 6.6%. (Table 1)
For the January-February 2022 period, the CPI increased by 6.0% compared to the same period last year. (Table 1)
The largest changes in economic categories compared to February 2021 were recorded in Petroleum Products with a rate of 28.4%, in Electricity with a rate of 22.4% and in Agricultural Products with a rate of 17.5%. Compared to the previous month, the largest change was in Agricultural Products at 9.6%. (Table 2)
Percentage change analysis
Compared to February 2021, the largest changes were observed in Transport (14.8%) and Housing, Water, Electricity & LPG (13.7%). (Table 1)
Compared to January 2022, the largest change occurred in the category Food and Non-Alcoholic Beverages (4.7%). (Table 1)
For the period January to February 2022 compared to the same period last year, the largest changes occurred in the categories Transport (14.1%) and Housing, water, electricity and gas (13.7%).
Impact analysis in units
The largest impact on the change in the February 2022 CPI compared to February 2021 was in the categories Transport (2,15), Housing, Water, Electricity and LPG (1.58) and Food and Non-Alcoholic Beverages (1.53). (Table 3)
The largest impact on the change in CPI compared to the previous month was in the category Food and non-alcoholic beverages (0.92). (Table 3)
The largest impact on the change in CPI in February 2022 compared to February 2021 was for Petroleum Products (2.11), Fresh Vegetables (0.89) and Electricity (0.73). (Table 4)
Finally, Fresh Vegetables (0.65) and Petroleum (0.49) had the largest positive impact on the change in the February 2022 CPI compared to the previous month's CPI. (Table 5)
|
Table 1 |
[TR] [TD]
Categories of Goods and Services
[/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TD] [/TR] [TR] [TD]January 2022
[/TD] [TD]February 2022
[/TD] [TD]Feb 22 / Feb 21
[/TD] [TD]Feb 22 / Jan 22
[/TD] [TD]Jan- Feb 22 / Jan-Feb 21
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]102,83
[/TD] [TD]107.66
[/TD] [TD]8.04
[/TD] [TD]4.70
[/TD] [TD]5,79
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]98.18
[/TD] [TD]98.43
[/TD] [TD]0.84
[/TD] [TD]0,25
[/TD] [TD]0,73
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]93,95
[/TD] [TD]94,32
[/TD] [TD]4,64
[/TD] [TD]0,39
[/TD] [TD]4,15
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]121.03
[/TD] [TD]119.84
[/TD] [TD]13.32
[/TD] [TD]-0.98
[/TD] [TD]13,69
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [TD]96,59
[/TD] [TD]96,58
[/TD] [TD]1,81
[/TD] [TD]-0,01
[/TD] [TD]1,87
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]103.17
[/TD] [TD]103.33
[/TD] [TD]1,07
[/TD] [TD]0,16
[/TD] [TD]0,98
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]106,74
[/TD] [TD]109.28
[/TD] [TD]14.84
[/TD] [TD]2.38
[/TD] [TD]14,07
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]93.70
[/TD] [TD]93.65
[/TD] [TD]2,37
[/TD] [TD]-0.05
[/TD] [TD]2.39
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]104,11
[/TD] [TD]104.31
[/TD] [TD]2.17
[/TD] [TD]0.19
[/TD] [TD]2,17
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]107.36
[/TD] [TD]107.36
[/TD] [TD]0.56
[/TD] [TD]0,00
[/TD] [TD]0,56
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]109,02
[/TD] [TD]109,50
[/TD] [TD]4,08
[/TD] [TD]0,44
[/TD] [TD]3,85
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]101,93
[/TD] [TD]101.91
[/TD] [TD]1.72
[/TD] [TD]-0.02
[/TD] [TD]1.51
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]104,57
[/TD] [TD]105.84
[/TD] [TD]6.56
[/TD] [TD]1.21
[/TD] [TD]5,98
[/TD] [/TR]
|
Table 2 |
[/TD] [/TR] [TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]M (%)
[/TD] [/TR] [TR] [TD]
Feb 22 / Feb 21
[/TD] [/TD] [TD]
Feb 22 / Jan 22
[/TD] [/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]655
[/TD] [TD]17,51
[/TD] [TD]9,64
[/TD] [/TR] [TR] [TD]Industrial Products (except Petroleum Products)
[/TD] [TD]4195
[/TD] [TD]3,12
[/TD] [TD]0,57
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]319
[/TD] [TD]22.38
[/TD] [TD]-5,55
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]550
[/TD] [TD]28,42
[/TD] [TD]5,53
[/TD] [/TR] [TR] [TD]Water
[/TD] [TD]57
[/TD] [TD]0,00
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]4224
[/TD] [TD]2,44
[/TD] [TD]-0.07
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]6,56
[/TD] [TD]
1,21
[/TD] [/TR]
| Table 3 |
[/TR] [TR] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Feb 22 / Feb 21
[/TD] [TD]Feb 22 / Jan 22
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]1,53
[/TD] [TD]0.92
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.03
[/TD] [TD]0,01
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,30
[/TD] [TD]0,03
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]1.58
[/TD] [TD]-0.13
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [/TD] [TD]644
[/TD] [TD]0,11
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,07
[/TD] [TD]0.01
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]2,15
[/TD] [TD]0.39
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]0,10
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]575
[/TD] [TD]0,13
[/TD] [TD]0,01
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]392
[/TD] [TD]0.02
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]836
[/TD] [TD]0,36
[/TD] [TD]0,04
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,15
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]6,52
[/TD] [TD]1,27
[/TD] [/TR]
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 4 |
[TR] [TD]
Products/Services
[/TD] [/TD] [TD]Impact (units)
[/TD] [/TR] [/TR] [TR] [TD]Feb 22 / Feb 21
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]2,11
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,89
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]0,73
[/TD] [/TR] [TR] [TD]Power supply services
[/TD] [TD]0.36
[/TD] [/TR] [TR] [TD]Services for regular maintenance of the dwelling
[/TD] [TD]0,28
[/TD] [/TR] [TR] [TD]Purchase of cars
[/TD] [TD]0,25
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0,23
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]1,67
[/TD] [/TR] [TR] [TD]TOTAL
[/TD] [/TD] [TD]6,52
[/TD] [/TR]
|
Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Feb 22 / Jan 22
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,65
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]0,49
[/TD] [/TR] [TR] [TD]Miscellaneous other goods and services
[/TD] [/TD] [TD]0,36
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0,23
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]1,27
[/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.
The Inflation shows the change in the CPI compared to the corresponding month of the previous year.
The Impact represents the amount of the total change in CPI attributable to the reported category/good/service.
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 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. Further information is available in the Consumer Price Index methodology, which is posted on the Statistics Office website under the Economy/Consumer Price Index statistical theme in the Methodology section.
For further information:
Statistical Office Portal, sub-topic Price Indices CYSTAT-DB (Database) Predefined Tables (Excel)
The Predefined Tables in Excel format are updated with data up to December 2021. Newer data are published only in the CYSTAT-DB Database.
Contact
Constantia Papageorgiou: Tel. Postal: cpapageorgiou@cystat.mof.gov.cy
(MB/SX)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
Source
