Inflation 8.8%
The Consumer Price Index in October 2022 increased by 0.89 points to 114.01 points compared to 113.12 points in September 2022. Inflation in October 2022 increased at a rate of 8.8%. (Table 1)
For the period January - October 2022, the CPI increased by 8.4% compared to the same period last year. (Table 1)
The largest changes in economic categories compared to October 2021 were recorded in Electricity at 44.2% and in Petroleum products at 17.3%. Compared to the previous month, the largest changes were recorded in Agricultural Products (4.5%) and Petroleum Products (-4.2%). (Table 2)
Percentage change analysis
Compared to October 2021, the largest changes were observed in Housing, Water, Electricity & LPG (21.1%), Food & Non-Alcoholic Beverages (13.2%), and Transport (11.9%). (Table 1)
Compared to September 2022, the largest change was in Clothing and Footwear (5.0%). (Table 1)
For January to October 2022 compared with the same period last year, the largest changes occurred in the categories Housing, Water, Electricity & Gas (21.8%) and Transport (17.6%). (Table 1)
Impact Analysis in Units
The largest impact on the change in the October 2022 CPI relative to October 2021 was in the categories Housing, Water, Electricity and LPG (2.79), Food and Non-Alcoholic Beverages (2.56), and Transportation (1.92). (Table 3)
Food and Non-Alcoholic Beverages (0.56) and Clothing and Footwear (0.36) had the largest positive impact on the month-over-month change in CPI. (Table 3)
Electricity (1.78) and Petroleum Products (1.62) had the largest impact on the change in October 2022 CPI compared to the October 2021 index. (Table 4)
Finally, Fresh Vegetables (0.39) and Clothing (0.24) had the largest positive impact on the change in October 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]September 2022
[/TD] [TD]October 2022
[/TD] [TD]October 2022
[/TD] [TD]Oct 22/ Oct 21
[/TD] [TD]Oct 22/ Sep 22
[/TD] [TD]Jan- Oct 22/ Jan-Oct 21
[/TD] [/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]112,56
[/TD] [TD]115.48
[/TD] [TD]13.16
[/TD] [TD]2.59
[/TD] [TD]7,87
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]98.71
[/TD] [TD]98.79
[/TD] [TD]1.02
[/TD] [TD]0,08
[/TD] [TD]0,97
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]101,27
[/TD] [TD]106,29
[/TD] [TD]-0,43
[/TD] [TD]4,96
[/TD] [TD]1,95
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]145.10
[/TD] [TD]143.36
[/TD] [TD]21.07
[/TD] [TD]-1.20
[/TD] [TD]21,82
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [TD]102,99
[/TD] [TD]103,61
[/TD] [TD]6,65
[/TD] [TD]0,60
[/TD] [TD]4,79
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]103.75
[/TD] [TD]103.86
[/TD] [TD]0,72
[/TD] [TD]0,11
[/TD] [TD]0,74
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]118,51
[/TD] [TD]118.68
[/TD] [TD]11.90
[/TD] [TD]0.14
[/TD] [TD]17,60
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]91,87
[/TD] [TD]91,86
[/TD] [TD]-2,33
[/TD] [TD]-0.01
[/TD] [TD]0.08
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]109,07
[/TD] [TD]109,55
[/TD] [TD]5,75
[/TD] [TD]0,44
[/TD] [TD]4,03
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]109.08
[/TD] [TD]109.30
[/TD] [TD]1.81
[/TD] [TD]0,20
[/TD] [TD]0,80
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]117,48
[/TD] [TD]117,60
[/TD] [TD]9,11
[/TD] [TD]0,10
[/TD] [TD]7,27
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]104,60
[/TD] [TD]105.17
[/TD] [TD]3.88
[/TD] [TD]0.54
[/TD] [TD]2.42
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [/TD] [TD]113,12
[/TD] [TD]114.01
[/TD] [TD]8.80
[/TD] [TD]0.79
[/TD] [TD]8,42
[/TD] [/TR]
|
Table 2 |
[/TD] [/TR] [TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [/TD] [TD]
Mchanges (%)
[/TD] [/TD] [/TR] [TR] [TD]
Oct 22/ Oct 21
[/TD] [/TD] [TD] [TD]Oct 22/ Sep 22
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]13,04
[/TD] [TD]4,54
[/TD] [/TR] [TR] [TD]Industrial Products (except Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]7,09
[/TD] [TD]1,83
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]44.16
[/TD] [TD]-4,22
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]17,34
[/TD] [TD]-1.36
[/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]4,48
[/TD] [TD]0.33
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]8,80
[/TD] [TD]
0,79
[/TD] [/TR]
| Table 3 |
[/TD] [/TR] [TR] [TD]
Categories of Goods and Services
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]Oct 22/ Oct 21
[/TD] [TD]Oct 22/ Sep 22
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]1906
[/TD] [TD]2,56
[/TD] [TD]0.56
[/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]-0,03
[/TD] [TD]0,36
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [/TD] [TD]1119
[/TD] [TD]2.79
[/TD] [TD]-0.19
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [/TD] [TD]644
[/TD] [TD]0.42
[/TD] [TD]0.04
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]637
[/TD] [TD]0,05
[/TD] [TD]0.01
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]1524
[/TD] [TD]1,92
[/TD] [TD]0.03
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]439
[/TD] [TD]-0,10
[/TD] [TD]0,00
[/TD] [/TR] [TR] [TD]Leisure and culture
[/TD] [TD]575
[/TD] [TD]0,34
[/TD] [TD]0,03
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]392
[/TD] [TD]0.08
[/TD] [TD]0,01
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]836
[/TD] [TD]0,82
[/TD] [TD]0.01
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]860
[/TD] [TD]0.34
[/TD] [TD]0,05
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]10000
[/TD] [TD]9,22
[/TD] [TD]
0,89
[/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]Impact (units)
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Oct 22/ Oct 21
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]1,78
[/TD] [/TR] [TR] [TD]Petroleum
[/TD] [TD]1.62
[/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0.81
[/TD] [/TR] [TR] [TD]Car purchase
[/TD] [TD]0,45
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0,39
[/TD] [/TR] [TR] [TD]Services for regular home maintenance
[/TD] [TD]0,34
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,25
[/TD] [/TR] [TR] [TD]Potatoes
[/TD] [TD]0,17
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [TD]3,41
[/TD] [/TR] [TR] [TD]TOTAL
[/TD] [/TD] [TD]9,22
[/TD] [/TR]
|
Table 5 |
[/TD]
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Oct 22/Sept 22
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]0,39
[/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0.24
[/TD] [/TR] [TR] [TD]Car purchase
[/TD] [TD]0,14
[/TD] [/TR] [TR] [TD]Footwear
[/TD] [TD]0,12
[/TD] [/TR] [TR] [TD]Various other products and services
[/TD] [/TD] [TD]0,44
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]-0,26
[/TD] [/TR] [TR] [TD]Petroleum
[/TD] [TD]-0.18
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]0,89
[/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 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. 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.
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 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 Family Budget Survey 2015/2016.
For more information:
Statistical Service Portal, repository Price Indices
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/EXP)
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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