Inflation 9.6%
The Consumer Price Index in June 2022 increased by 0.87 points to 112.24 points compared to 111.37 points in May 2022. Inflation in June 2022 increased at a rate of 9.6%. (Table 1)
For the period January-June 2022, the CPI increased by 7.8% compared to the same period last year. (Table 1)
The largest changes in economic categories compared to June 2021 were recorded in Petroleum Products with a rate of 46.1%, in Electricity with a rate of 40.4% and in Agricultural Products with a rate of 7.3%. Compared to the previous month, the largest positive change was in Petroleum Products at 7.9%, while the largest negative change was in Agricultural Products at -7.8%. (Table 2)
Percentage change analysis
Compared to June 2021, the largest changes were observed in the categories Transport (24,7%), Housing, Water, Electricity & LPG (23.5%), Restaurants & Hotels(8.2%) and Food & Non-Alcoholic Beverages(7.9%). (Table 1)
Compared to May 2022, the largest positive change was in Transport (4.9%), while the largest negative change was in Food and Non-Alcoholic Beverages (-2.5%). (Table 1)
For the period January - June 2022 compared to the same period last year, the largest changes occurred in the categories Housing, Water, Electricity and LPG (18.6%), Transport (17.6%) and Food and Non-Alcoholic Beverages (8.1%). (Table 1)
Impact analysis in units
The largest impact on the change in CPI in June 2022 compared to June 2021 was in Transport (3,80), Housing, Water, Electricity and LPG (2.93) and Food and Non-Alcoholic Beverages (1.51). (Table 3)
The largest positive impact on the change in CPI compared to the previous month was in Transport (0.90) and Housing, water, electricity and gas (0.37). The category Food and Non-Alcoholic Beverages (-0.52) had the largest negative impact on the change in CPI compared to the previous month. (Table 3)
The largest impact on the change in CPI in June 2022 compared to the June 2021 index was for Petroleum products (3.84) and Electricity (1.55). (Table 4)
Finally, Petroleum products (0.94) had the largest positive impact on the change in the June 2022 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] [/TD] [/TR] [TR] [TD]May 2022
[/TD] [TD]June 2022
[/TD] [TD] [TD]June 22/ June 21
[/TD] [/TD] [TD]June 22/ May 22
[/TD] [TD]Jan- Jun 22/ Jan-Jun 21
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]110,53
[/TD] [TD]107.79
[/TD] [TD]7.94
[/TD] [TD]-2.48
[/TD] [TD]8,07
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]98.68
[/TD] [TD]98.68
[/TD] [TD]0.89
[/TD] [TD]0,00
[/TD] [TD]0,93
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]105,96
[/TD] [TD]104,59
[/TD] [TD]0,00
[/TD] [TD]-1,29
[/TD] [TD]2,60
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]134.58
[/TD] [TD]137.91
[/TD] [TD]23.46
[/TD] [TD]2.47
[/TD] [TD]18,55
[/TD] [/TR] [TR] [TD]Furniture, Household Equipment and Cleaning Supplies
[/TD] [TD]101,07
[/TD] [TD]101,64
[/TD] [TD]5,73
[/TD] [TD]0,56
[/TD] [TD]3,89
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]103.35
[/TD] [TD]103.38
[/TD] [TD]0,58
[/TD] [TD]0.03
[/TD] [TD]0.76
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]120,11
[/TD] [TD]126.04
[/TD] [TD]24.69
[/TD] [TD]4.94
[/TD] [TD]17,56
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91.86
[/TD] [TD]91.81
[/TD] [TD]0,23
[/TD] [TD]-0.05
[/TD] [TD]1.73
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]105,87
[/TD] [TD]106,59
[/TD] [TD]3,94
[/TD] [TD]0,68
[/TD] [TD]2,85
[/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]114,60
[/TD] [TD]115,94
[/TD] [TD]8,22
[/TD] [TD]1,17
[/TD] [TD]5,99
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]103,16
[/TD] [TD]103.47
[/TD] [TD]2.08
[/TD] [TD]0.30
[/TD] [TD]1.78
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]111,37
[/TD] [TD]
112.24
[/TD] [TD]9.62
[/TD] [TD]0.78
[/TD] [TD]7,78
[/TD] [/TR]
|
Table 2 |
[/TD] [/TR] [TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]M (%)
[/TD] [/TD] [/TR] [TR] [TD]
June 22/ June 21
[/TD] [TD]
June 22/ May 22
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]7,27
[/TD] [TD]-7.76
[/TD] [/TR] [TR] [TD]Industrial Products
(excluding Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]4.90
[/TD] [TD]0,35
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]40.38
[/TD] [TD]4.95
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]46,06
[/TD] [TD]7,88
[/TD] [/TR] [TR] [TD]Water
[/TD] [TD]72
[/TD] [TD]0,00
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]3971
[/TD] [TD]4,22
[/TD] [TD]0,50
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]9,62
[/TD] [TD]0,78
[/TD] [/TR]
| Table 3 |
[TR] [TD] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]Impact (units)
[/TD] [/TD] [/TR] [TR] [TD]Jun 22/ Jun 21
[/TD] [TD]Jun 22/ May 22
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]1,51
[/TD] [TD]-0.52
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.03
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,00
[/TD] [TD]-0,10
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]2.93
[/TD] [TD]0.37
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [/TD] [TD]644
[/TD] [TD]0,35
[/TD] [TD]0,04
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,04
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]3,80
[/TD] [TD]0.90
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]0,01
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]575
[/TD] [TD]0,23
[/TD] [TD]0,04
[/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]0,74
[/TD] [TD]0,11
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,18
[/TD] [TD]0,03
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]9,85
[/TD] [TD]0,87
[/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]Jun 22/Jun 21
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]3,84
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]1.55
[/TD] [/TR] [TR] [TD]Power services
[/TD] [TD]0,71
[/TD] [/TR] [TR] [TD]Services for regular maintenance of the dwelling
[/TD] [TD]0,48
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,34
[/TD] [/TR] [TR] [TD]Purchase of cars
[/TD] [TD]0,32
[/TD] [/TR] [TR] [TD]LPG
[/TD] [TD]0.21
[/TD] [/TR] [TR] [TD]Potatoes
[/TD] [TD]0,17
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]2,38
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0,15
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]9,85
[/TD] [/TR]
|
Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Jun 22/ May 22
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]0,94
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]0.25
[/TD] [/TR] [TR] [TD]Power services
[/TD] [TD]0,09
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]0,26
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0,44
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]-0.23
[/TD] [/TR] [TR] [TD]TOTAL
[/TD] [/TD] [TD]0,87
[/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 that is 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. In particular, the weights for the four Districts: 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 every 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 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:
Statistical Service Portal, Price Indices sub-topic CYSTAT-DB (Database) Predefined Tables (Excel) Methodological Information
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.
Contact
Constantia Papageorgiou: Tel. cpapageorgiou@cystat.mof.gov.cy
(MB/IK)
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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