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Inflation 2.7%
The Consumer Price Index in May 2024 increased by 0.75 points to 117.84 points compared to 117.09 points in April 2024. Inflation in May 2024 increased at a rate of 2.7%. (Table 1)
For the period January to May 2024, the CPI increased by 2.0% compared to the same period last year. (Table 1)
The largest change in economic categories compared to May 2023 was recorded in Petroleum Products at 10.0%. Compared to the previous month, the largest change was recorded in Agricultural Products with a rate of 6.3%. (Table 2)
Analysis of Percentage Changes
Compared to May 2023, the largest change was observed in the categories Restaurants and Hotels (6.0%) and Transport (5.4%) . (Table 1)
Compared with April 2024, the largest change was observed in the category Food and Non-alcoholic Beverages (1.8%). (Table 1)
For the period January to May 2024, compared to the same period last year, the largest changes occurred in the categories Restaurants and Hotels (5.9%) and Other Goods and Services (3.7%). (Table 1)
Impact Analysis in Units
The largest positive impact on the change in CPI in May 2024 compared to May 2023 was in the categories Transportation (0.93) and Restaurants and Hotels (0.60). (Table 3)
The largest impact on the month-on-month change in CPI was in the category Food and Non-Alcoholic Beverages (0.42). (Table 3)
The largest impact on the change in CPI in May 2024 compared to the May 2023 index was for Petroleum products (0.91) and Catering services (0.60). (Table 4)
Finally, Fresh vegetables (0.33) and Fresh fruit (0.29) had the largest impact on the change in the May 2024 CPI compared to the previous month's index.
(Table 5)
| Table 1 |
[/TD] [TD] [/TD] [TD]
[/TD]
[TR] [TD]
Categories Goods and Services
[/TD] [/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]April
2024
[/TD] [TD]May
2024
[/TD] [TD]May 24/ May 23
[/TD] [TD]May 24/ Apr 24
[/TD] [TD]Jan - May 24[/B]
Jan - May 23
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]119,36
[/TD] [TD]121.56
[/TD] [TD]1.48
[/TD] [TD]1.84
[/TD] [TD]1.82
[/TD] [/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]102,49
[/TD] [TD]102.61
[/TD] [TD]1.35
[/TD] [TD]0.12
[/TD] [TD]2,18
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]108,50
[/TD] [TD]109,00
[/TD] [TD]0,62
[/TD] [TD]0,46
[/TD] [TD]0,94
[/TD] [/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]144,62
[/TD] [TD]145,13
[/TD] [TD]2,93
[/TD] [TD]0,35
[/TD] [TD]1,39
[/TD] [/TD] [/TR] [TR] [TD]Furniture, Household Equipment and Cleaning Supplies
[/TD] [TD]105,06
[/TD] [TD]105,41
[/TD] [TD]-0.27
[/TD] [TD]0.33
[/TD] [TD]-0.51
[/TD] [/TD] [/TR] [TR] [TD]Health
[/TD] [TD]106,24
[/TD] [TD]106.25
[/TD] [TD]1.29
[/TD] [TD]0.01
[/TD] [TD]1,28
[/TD] [/TR] [TR] [TD]Transfers
[/TD] [TD]119.04
[/TD] [TD]119.92
[/TD] [TD]5,35
[/TD] [TD]0,74
[/TD] [TD]1,16
[/TD] [/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91,55
[/TD] [TD]91.57
[/TD] [TD]0.64
[/TD] [TD]0.02
[/TD] [TD]0,73
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]113,88
[/TD] [TD]113,91
[/TD] [TD]2,08
[/TD] [TD]0,03
[/TD] [TD]2.22
[/TD] [/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]126,66
[/TD] [TD]127,29
[/TD] [TD]6,02
[/TD] [TD]0,50
[/TD] [TD]5,92
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]111,11
[/TD] [TD]111.35
[/TD] [TD]3.89
[/TD] [TD]0.22
[/TD] [TD]3.69
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [/TD] [TD]117,09
[/TD] [TD]117.84
[/TD] [TD]2.72
[/TD] [TD]0.64
[/TD] [TD]1,95
[/TD] [/TR]
| Table 2 |
[/TD] [TD]
[/TD]
[TR] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD]
Mchanges (%)
[/TD] [TD][/TD] [/TR] [TR] [TD]
May 24/ May 23
[/TD] [/TD] [TD]May 24/ Apr 24
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]2,84
[/TD] [TD]6,27
[/TD] [/TR] [TR] [TD]Industrial Products
(excluding Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]0,46
[/TD] [TD]-0,13
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]1,97
[/TD] [TD]0,68
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]9,99
[/TD] [TD]0.47
[/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]3,38
[/TD] [TD]0.34
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]2.72
[/TD] [TD]0 [/TD] [TD]
0,64
[/TD] [/TR]
| Table 3 |
[/TD] [TD] [/TD]
[TR] [TD]
Categories of Goods and Services
[/TD] [TD]Coefficients Weighting
[/TD] [TD]
Impact (units)
[/TD] [/TR] [TR] [TD]
May 24/ May 23
[/TD] [/TD] [TD]May 24/ Apr 24
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]0,34
[/TD] [TD]0.42
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [/TD] [TD]347
[/TD] [TD]0.05
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]721
[/TD] [TD]0,05
[/TD] [TD]0,04
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]0,46
[/TD] [TD]0,06
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [/TD] [TD]644
[/TD] [TD]-0,02
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,09
[/TD] [TD]0.00
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]0,93
[/TD] [TD]0.13
[/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]0,13
[/TD] [TD]0,00
[/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]0,60
[/TD] [TD]0,05
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0,36
[/TD] [TD]0,02
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]3,12
[/TD] [TD]0.75
[/TD] [/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 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TD] [TD]Impact (units)
[/TD] [/TD] [/TR] [TR] [TD]May 24/ May 23
[/TD] [/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]0,91
[/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0,60
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]0,53
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]0,22
[/TD] [/TR] [TR] [TD]Services for regular house maintenance
[/TD] [TD]0,15
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]0,81
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Airline fares
[/TD] [/TD] [TD]-0,10
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]3,12
[/TD] [/TR]
| Table 5 |
| Products/Services |
[TD]
Impact (units)
[/TD] [/TD][TR] [TD]
May 24/ Apr 24
[/TD] [/TD] [/TR] [TR] [TD]
Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,33
[/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]0,29
[/TD] [/TR] [TR] [TD]Various other products and services
[/TD] [/TD] [TD]0,13
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]0,75
[/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 category/good/service reported.
Billing
Billing 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. vegetables and fruits), meat and fuel, whose prices are collected every week (every Thursday).
Base year
The base year from January 2006 to December 2015 was 2005=100. Since January 2016 the base year is 2015=100.
Until December 2015, the CPI was calculated and published based on 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.
For more information, interested parties can visit the Statistical Office's Portal, subtitle 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.
(GG/AF)
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