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Inflation 3.0%
The Consumer Price Index in May 2023 increased by 0.33 points to 114.72 points compared to 114.39 points in April 2023. Inflation in May 2023 increased at a rate of 3.0%. (Table 1)
For the period January-May 2023, the CPI increased by 5.2% compared to the same period last year. (Table 1)
The largest positive change in economic categories compared to May 2022 was recorded in Electricity with a rate of 8.3% while the largest negative change was recorded in Petroleum products with a rate of -14.0%. Compared to the previous month, the largest change occurred in Agricultural Products at 3.5%. (Table 2)
Percentage Change Analysis
Compared to May 2022, the largest positive change was observed in Food and Non-Alcoholic Beverages (8.4%), while the largest negative change was observed in Transport (-5.2%). (Table 1)
Compared to April 2023, the largest change was observed in the category Food and non-alcoholic beverages (1.5%). (Table 1)
For the January-May 2023 period compared to the same period last year, the largest changes occurred in the categories Housing, Water, Electricity and LPG (11.8%) and Food and Non-alcoholic Beverages (8.5%). (Table 1)
Impact Analysis in Units
The largest impact on the change in CPI in May 2023 compared to May 2022 was in Food and Non-Alcoholic Beverages (1,76) and Housing, Water, Electricity and LPG (0.72), while Transport (-0.96) had the largest negative effect. (Table 3)
The category Food and Non-Alcoholic Beverages (0.35) had the largest positive impact on the change in CPI compared to the previous month. (Table 3)
The Petroleum products (-1.67) had the largest impact on the change in CPI in May 2023 compared to the May 2022 index. (Table 4)
Finally, Fresh fruit(0.48) had the largest positive impact on the change in CPI in May 2023 compared to the previous month. (Table 5)
|
Table 1 |
[TR] [TD]
Categories of Goods and Services
[/TD] [/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [TD]Changes (%)
[/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [TD]Changes (%)[/TD] [/TD] [/TR] [TR] [TD]
April 2023
[/TD] [TD]May 2023
[/TD] [TD] [TD]May '23 / May '22
[/TD] [TD]May '23 / Apr '23
[/TD] [TD]Jan-May '23 / Jan-May '22
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]117,97
[/TD] [TD]119.79
[/TD] [TD]8.38
[/TD] [TD]1.54
[/TD] [TD]8,47
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]100.82
[/TD] [TD]101.24
[/TD] [TD]2,59
[/TD] [TD]0,42
[/TD] [TD]1,58
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]108,01
[/TD] [TD]108.33
[/TD] [TD]2.24
[/TD] [TD]0.30
[/TD] [TD]1,87
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]139.82
[/TD] [TD]141.00
[/TD] [TD]4.77
[/TD] [TD]0.84
[/TD] [TD]11,81
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Supplies
[/TD] [TD]105,77
[/TD] [TD]105,70
[/TD] [TD]4,58
[/TD] [TD]-0,07
[/TD] [TD]7,11
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]104.90
[/TD] [TD]104.90
[/TD] [TD]1,50
[/TD] [TD]0,00
[/TD] [TD]1,44
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]115,22
[/TD] [TD]113.83
[/TD] [TD]-5.23
[/TD] [TD]-1.21
[/TD] [TD]0,58
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91.00
[/TD] [TD]90.99
[/TD] [TD]-0,95
[/TD] [TD]-0.01
[/TD] [TD]-2.69
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]111,46
[/TD] [TD]111,59
[/TD] [TD]5,40
[/TD] [TD]0,12
[/TD] [TD]6,13
[/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]119,71
[/TD] [TD]120.06
[/TD] [TD]4.76
[/TD] [TD]0.29
[/TD] [TD]7.26
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]107,27
[/TD] [TD]107.18
[/TD] [TD]3.90
[/TD] [TD]-0.08
[/TD] [TD]4.09
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]114,39
[/TD] [TD]114.72
[/TD] [TD]3.01
[/TD] [TD]0.29
[/TD] [TD]5,21
[/TD] [/TR]
|
Table 2 |
[/TD] [/TR] [TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]Mchanges (%)
[/TD] [/TR] [TR] [TD]
May '23 / May '22
[/TD] [TD] [TD]May '23 / Apr '23
[/TD] [/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]5,08
[/TD] [TD]3,54
[/TD] [/TR] [TR] [TD]Industrial Products (except Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]6,66
[/TD] [TD]0,21
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]8.25
[/TD] [TD]2.01
[/TD] [/TR] [TR] [TD]Petroleum
[/TD] [TD]871
[/TD] [TD]-13,97
[/TD] [TD]-1.61
[/TD] [/TR] [TR] [TD]Water
[/TD] [TD]72
[/TD] [TD]3,55
[/TD] [TD]0.00
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]3971
[/TD] [TD]3,13
[/TD] [TD]-0.04
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]3,01
[/TD] [TD]
0,29
[/TD] [/TR]
| Table 3 |
[TD]
[/TD]
[/TD] [/TR] [TR] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]Impact (Units)
[/TD] [/TR] [TR] [TD]May '23 / May '22
[/TD] [/TD] [TD]May '23 / Apr '23
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]1,76
[/TD] [TD]0.35
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.09
[/TD] [TD]0,01
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,17
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]0,72
[/TD] [TD]0,13
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [/TD] [TD]644
[/TD] [TD]0,30
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,10
[/TD] [TD]0.00
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]-0,96
[/TD] [TD]-0.21
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]-0,04
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]575
[/TD] [TD]0,33
[/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]0,46
[/TD] [TD]0,03
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,35
[/TD] [TD]-0,01
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]3,35
[/TD] [TD]0,33
[/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] [TD]May '23 / May '22
[/TD] [/TR] [TR] [TD] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Catering Services
[/TD] [TD]0,44
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]0,42
[/TD] [/TR] [TR] [TD]Car purchase
[/TD] [TD]0.38
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Services for regular maintenance of the dwelling
[/TD] [TD]0,21
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]3,35
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-1,67
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]3,35
[/TD] [/TR]
|
Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
May '23 / Apr '23
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]0,48
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]0,28
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0,14
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-0,14
[/TD] [/TR] [TR] [TD]Air freight
[/TD] [TD]-0,12
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]0,33
[/TD] [/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 acquired, 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:
Statistical Service Portal, under Price Indices
CYSTAT-DB (Database)
Predefined Tables (Excel)
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:
Konstantia Papageorgiou, tel:+35722602116, tel.cpapageorgiou@cystat.mof.gov.cy
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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