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Inflation 1.9%
The Consumer Price Index in June 2023 decreased by 0.34 points to 114.38 points compared to 114.72 points in May 2023. Inflation in June 2023 increased at a rate of 1.9%. (Table 1)
For the period January - June 2023, the CPI increased by 4.6% compared to the same period last year. (Table 1)
The largest positive change in the economic categories compared to June 2022 was recorded in Agricultural Products with a rate of 10.9% while the largest negative change was recorded in Petroleum Products with a rate of -22.2%. Compared to the previous month, the largest change was recorded in Electricity at -5.2%. (Table 2)
Percentage Change Analysis
Compared to June 2022, the largest positive change was observed in Food and Non-Alcoholic Beverages (10.1%), while the largest negative change was observed in Transport (-10.3%). (Table 1)
Compared to May 2023, the largest change was observed in the category Housing, Water, Electricity and LPG (-2.3%). (Table 1)
For the period January to June 2023 compared to the same period last year, the largest changes occurred in the categories Housing, Water, Electricity and LPG (9.7%) and Food and non-alcoholic beverages (8.8%). (Table 1)
Impact Analysis in Units
The largest impact on the change in CPI in June 2023 compared to June 2022 was in Food and Non-Alcoholic Beverages (2.08), while the largest negative impact was in Transportation (-1.98). (Table 3)
The category Housing, Water, Electricity and LPG (-0.36) had the largest negative impact on the month-on-month change in CPI. (Table 3)
The largest impact on the change in the June 2023 CPI compared to the June 2022 index was Petroleum products (-2.80). (Table 4)
Finally, Electricity(-0.29) had the largest negative impact on the change in the June 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]
May
2023
[/TD] [TD] [TD]June
2023
[/TD] [TD]June 23/June 22
[/TD] [TD]June 23/ May 23
[/TD] [TD] [TD]Jan - Jun 23/
Jan - Jun 22
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]119,79
[/TD] [TD]118.70
[/TD] [TD]10.12
[/TD] [TD]-0.91
[/TD] [TD]8,75
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]101.24
[/TD] [TD]101.30
[/TD] [TD]2.66
[/TD] [TD]0.06
[/TD] [TD]1,77
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]108,33
[/TD] [TD]108,54
[/TD] [TD]3,78
[/TD] [TD]0,19
[/TD] [TD]2,19
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]141.00
[/TD] [TD]137.74
[/TD] [TD]-0.12
[/TD] [TD]-2,31
[/TD] [TD]9,67
[/TD] [/TR] [TR] [TD]Furniture, Household Equipment and Cleaning Supplies
[/TD] [TD]105,70
[/TD] [TD]105,96
[/TD] [TD]4,25
[/TD] [TD]0,25
[/TD] [TD]6,61
[/TD] [/TD] [/TR] [TR] [TD]Health
[/TD] [TD]104,90
[/TD] [TD]105,25
[/TD] [TD]1,81
[/TD] [TD]0.33
[/TD] [TD]1.50
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]113.83
[/TD] [TD]113.05
[/TD] [TD]-10.31
[/TD] [TD]-0,69
[/TD] [TD]-1.40
[/TD] [/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]90.99
[/TD] [TD]91.17
[/TD] [TD]-0.70
[/TD] [TD]0.20
[/TD] [TD]-2,36
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]111,59
[/TD] [TD]111,79
[/TD] [TD]4,88
[/TD] [TD]0,18
[/TD] [TD]5,91
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]109.30
[/TD] [TD]109.30
[/TD] [TD]1.81
[/TD] [TD]0.00
[/TD] [TD]1,81
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]120,06
[/TD] [TD]121,67
[/TD] [TD]4,94
[/TD] [TD]1,34
[/TD] [TD]6,85
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]107,18
[/TD] [TD]108,80
[/TD] [TD]5,15
[/TD] [TD]1,51
[/TD] [TD]4,28
[/TD] [/TR] [TR] [TD]General Consumer Price Index
[/TD] [TD]114,72
[/TD] [TD]114.38
[/TD] [TD]1.91
[/TD] [TD]-0.30
[/TD] [TD]4,64
[/TD] [/TR]
| Table 2 |
[TR] [TD]
Weighting Coefficients
[/TD] [TD]Mvariations [/TD] [TD]
M (%)
[/TD] [TD][/TD] [/TR] [TR] [TD]
June 23/June 22
[/TD] [TD]June 23/May 23
[/TD] [/TR] [TR] [TD]749
[/TD] [TD]10,92
[/TD] [TD]-2.63
[/TD] [/TR] [TR] [TD]4021
[/TD] [TD]6.52
[/TD] [TD]0.22
[/TD] [/TR] [TR] [TD]316
[/TD] [TD]-2.20
[/TD] [TD]-5,18
[/TD] [/TR] [TR] [TD]871
[/TD] [TD]-22.20
[/TD] [TD]-2.44
[/TD] [/TR] [TR] [TD]72
[/TD] [TD]3,55
[/TD] [TD]0.00
[/TD] [/TR] [TR] [TD]3971
[/TD] [TD]3.40
[/TD] [TD]0,76
[/TD] [/TR] [TR] [TD]10000
[/TD] [TD]1,91
[/TD] [TD]-0,30
[/TD] [/TR]
| Table 3 |
[TD]
[/TD]
[/TD] [/TR] [TR] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]June 23/June 22
[/TD] [/TD] [TD]June 23/ May 23
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]2,08
[/TD] [TD]-0.21
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]347
[/TD] [TD]0,09
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,28
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]-0.02
[/TD] [TD]-0.36
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [/TD] [TD]644
[/TD] [TD]0,28
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Health
[/TD] [/TD] [TD]637
[/TD] [TD]0,12
[/TD] [TD]0.02
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]-1,98
[/TD] [TD]-0.12
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]-0,03
[/TD] [TD]0,01
[/TD] [/TR] [TR] [TD]Leisure and culture
[/TD] [TD]575
[/TD] [TD]0,30
[/TD] [TD]0,01
[/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]0,48
[/TD] [TD]0.13
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0.46
[/TD] [TD]0,14
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]2,14
[/TD] [TD]
-0.34
[/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 |
[/TD]
[TR] [TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TD] [/TR] [TR] [TD]Jun 23/Jun 22
[/TD] [/TR] [TR] [TD]
Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,46
[/TD] [/TR] [TR] [TD]Car purchase
[/TD] [TD]0,35
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,27
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0,25
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,25
[/TD] [/TR] [TR] [TD]Services for regular home maintenance
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]0,21
[/TD] [/TR] [TR] [TD]Various other products and services
[/TD] [TD]2,93
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-2,80
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]2,14
[/TD] [/TR]
| Table 5 |
| Products/Services |
[TD]
Impact (units)
[/TD][TR] [TD]
Jun 23/ May 23
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,12
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]0,18
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0,29
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-0,19
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]-0.16
[/TD] [/TR] [TR] [TD]TOTAL
[/TD] [/TD] [TD]-0,34
[/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 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 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 Family Budget Survey 2015/2016.
For more information, interested parties can visit the Statistical Office's Portal at 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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