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Inflation 1.8%
The Consumer Price Index in February 2024 increased by 1.03 points to 114.93 points compared to 113.90 points in January 2024. Inflation in February 2024 increased at a rate of 1.8%. (Table 1)
For the period January - February 2024, the CPI increased by 1.8% compared to the same period last year. (Table 1)
The largest change in economic categories compared to February 2023 was recorded in Services at 3.7%. Compared to the previous month, the largest change occurred in Agricultural Products (5.6%). (Table 2)
Percentage Change Analysis
Compared to February 2023, the largest change occurred in Restaurants & Hotels (6.2%). (Table 1)
Compared to January 2024, the largest change was observed in the categories Clothing and Footwear (3.1%) and Food and Non-Alcoholic Beverages (2.7%). (Table 1)
For the period January - February 2024, compared to the same period last year, the largest changes occurred in the categories Restaurants & Hotels (5.9%) and Other Goods & Services (3.7%). (Table 1)
Impact Analysis in Units
The largest positive impact on the change in the February 2024 CPI compared to February 2023 was in the categories Restaurants and Hotels (0.62) and Food and Non-Alcoholic Beverages (0.43). (Table 3)
The largest impact on the month-on-month change in CPI was for Food and Non-Alcoholic Beverages (0.60) and Clothing and Footwear (0.22). (Table 3)
The largest impact on the change in the February 2024 CPI compared to the February 2023 index was for Catering Services (0.60). (Table 4)
Finally, Fresh Vegetables(0.38) had the largest impact on the change in the February 2024 CPI compared to the previous month's index. (Table 5)
| Table 1 |
[/TD] [TD] [/TD] [TD] [/TD]
[TR] [TD]
Goods categories and Services
[/TD] [/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]January
2024
[/TD] [TD]February
2024
[/TD] [TD]Feb 24/ Feb 23
[/TD] [TD]Feb 24/ Jan 24
[/TD] [/TD] [TD]Feb 24/ Jan 24
[/TD] [TD]Jan - Feb 24/
Jan - Feb 23
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]117,10
[/TD] [TD]120.26
[/TD] [TD]1.93
[/TD] [TD]2.70
[/TD] [TD]2.36
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]101,50
[/TD] [TD]102.13
[/TD] [TD]2.71
[/TD] [TD]0.62
[/TD] [TD]2,85
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]95,78
[/TD] [TD]98,77
[/TD] [TD]2,93
[/TD] [TD]3,12
[/TD] [TD]2,12
[/TD] [/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]143,36
[/TD] [TD]142,57
[/TD] [TD]0,73
[/TD] [TD]-0,55
[/TD] [TD]0,87
[/TD] [/TD] [/TR] [TR] [TD]Furniture, Household Equipment and Cleaning Supplies
[/TD] [TD]104,26
[/TD] [TD]104,10
[/TD] [TD]-0.70
[/TD] [TD]-0.15
[/TD] [TD]-0.48
[/TD] [/TD] [/TR] [TR] [TD]Health
[/TD] [TD]105,92
[/TD] [TD]106.10
[/TD] [TD]1.25
[/TD] [TD]0.17
[/TD] [TD]1,25
[/TD] [/TR] [TR] [TD]Transfers
[/TD] [TD]110.49
[/TD] [TD]111.57
[/TD] [TD]-0,54
[/TD] [TD]0.98
[/TD] [TD]-1.04
[/TD] [/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91,37
[/TD] [TD]91.34
[/TD] [TD]0.71
[/TD] [TD]-0.03
[/TD] [TD]0.71
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]113,33
[/TD] [TD]113,49
[/TD] [TD]2,25
[/TD] [TD]0,14
[/TD] [TD]2,18
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]111.91
[/TD] [TD]111.91
[/TD] [TD]2.39
[/TD] [TD]0,00
[/TD] [TD]2,39
[/TD] [/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]125,13
[/TD] [TD]125,98
[/TD] [TD]6,23
[/TD] [TD]0,68
[/TD] [TD]5,93
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]109,69
[/TD] [TD]110,16
[/TD] [TD]4,10
[/TD] [TD]0,43
[/TD] [TD]3,69
[/TD] [/TR] [TR] [TD]General Consumer Price Index
[/TD] [TD]113,90
[/TD] [TD]114.93
[/TD] [TD]1.82
[/TD] [TD]0.90
[/TD] [TD]1,75
[/TD] [/TR]
| Table 2 | | |
| Economic Categories |
[TD]
Weighting Coefficients
[/TD] [TD]
Changes (%)
[/TD] [TD][/TD]
[TR] [TD]
Feb 24/ Feb 23
[/TD] [/TD] [TD] [TD]Feb 24/ Jan 24
[/TD] [/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]1,51
[/TD] [TD]5,60
[/TD] [/TR] [TR] [TD]Industrial Products
(except Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]1,64
[/TD] [TD]0,82
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]-2.46
[/TD] [TD]-2,10
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]-2,69
[/TD] [TD]1.61
[/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]3,69
[/TD] [TD]0.32
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]1,82
[/TD] [/TD] [TD]0,90
[/TD] [/TR]
| Table 3 | |
|
Categories of Goods and Services |
[TD]
Coefficients Weighting
[/TD] [/TD] [TD]
Impact (units)
[/TD][TR] [TD]
Feb 24/ Feb 23
[/TD] [/TD] [TD] [TD]Feb 24/ Jan 24
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]0,43
[/TD] [TD]0.60
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]347
[/TD] [TD]0.09
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,20
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]0.12
[/TD] [TD]-0.09
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [/TD] [TD]644
[/TD] [TD]-0.05
[/TD] [TD]-0.01
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,08
[/TD] [TD]0.01
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]-0,09
[/TD] [TD]0.16
[/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]0,14
[/TD] [TD]0.01
[/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]0,62
[/TD] [TD]0,07
[/TD] [/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,37
[/TD] [TD]0,04
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]2,05
[/TD] [TD]1,03
[/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 24/ Feb 23
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,60
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0,15
[/TD] [/TR] [TR] [TD]Services for regular home maintenance
[/TD] [TD]0,14
[/TD] [/TR] [TR] [TD]Miscellaneous other goods and services
[/TD] [/TD] [TD]1,55
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-0,24
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0.23
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0,14
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]2,05
[/TD] [/TR]
|
Table 5 |
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TD] [/TR] [TR] [TD]
Feb 24/ Jan 24
[/TD] [/TD] [/TR] [TR] [TD]
Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,38
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0.17
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]0,16
[/TD] [/TR] [TR] [TD]Miscellaneous other goods and services
[/TD] [TD]0,44
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0,12
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]1,03
[/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 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 according to 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.
(AF/GC)
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