Inflation 5.8%
The Consumer Price Index (CPI) in March 2023 increased by 1.15 points to 114.03 points, compared to 112.88 points in February 2023. Inflation in March 2023 increased at a rate of 5.8%. (Table 1)
For the period January - March 2023, the CPI increased by 6.5%, compared to the same period last year. (Table 1)
The largest change in economic categories, compared to March 2022, was recorded in Electricity at 34.4%. Compared to the previous month, the largest change occurred in Agricultural Products (-3.7%). (Table 2)
Percentage change analysis
Compared to March 2022, the largest changes were observed in Housing, Water, Electricity & LPG(15.0%) and Restaurants & Hotels(8.4%). (Table 1)
Compared to February 2023, the largest change was observed in the category Clothing and Footwear (9.2%). (Table 1)
For the period January to March 2023 compared to the same period last year, the largest changes occurred in the categories Housing, Water, Electricity and Gas (16.8%) and Food and Non-Alcoholic Beverages (9.1%). (Table 1)
Impact analysis in units
The largest impact on the change in CPI in March 2023, compared to March 2022, was for Housing, Water, Electricity and LPG (2.08) and Food and Non-Alcoholic Beverages (1.48). (Table 3)
The category Clothing and Footwear (0.64) had the largest positive impact on the change in CPI, compared to the previous month. (Table 3)
Electricity[/I] (1.48) had the largest impact on the change in the March 2023 CPI, compared to the March 2022 index. (Table 4)
Finally, Clothing(0.43) had the largest positive impact on the change in the March 2023 CPI, compared to the previous month's index. (Table 5)
[/TD]|
Table 1 |
[TR] [TD]
Categories of Goods and Services
[/TD] [TD]CPI (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TD] [TD]Changes (%)[/TD] [/TD] [/TR] [TR] [TD]
February
2023
[/TD] [TD]March
2023
[/TD] [TD]Mar 23/Mar 22
[/TD] [TD]Mar 23/ Feb 23
[/TD] [TD]Jan - Mar 23/
Jan - Mar 22
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]117,98
[/TD] [TD]117.02
[/TD] [TD]7.10
[/TD] [TD]-0.81
[/TD] [TD]9,12
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]99.44
[/TD] [TD]100.23
[/TD] [TD]2.02
[/TD] [TD]0,79
[/TD] [TD]1,14
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]95,96
[/TD] [TD]104,83
[/TD] [TD]2,21
[/TD] [TD]9,24
[/TD] [TD]1,56
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]141.53
[/TD] [TD]142.76
[/TD] [TD]15.01
[/TD] [TD]0.87
[/TD] [TD]16,77
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [TD]104,83
[/TD] [TD]105,76
[/TD] [TD]7,58
[/TD] [TD]0,89
[/TD] [TD]8,11
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]104.79
[/TD] [TD]104.80
[/TD] [TD]1,37
[/TD] [TD]0.01
[/TD] [TD]1.39
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]112,18
[/TD] [TD]114.38
[/TD] [TD]2.47
[/TD] [TD]1.96
[/TD] [TD]3,40
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]90.70
[/TD] [TD]90.68
[/TD] [TD]-3,28
[/TD] [TD]-0.02
[/TD] [TD]-3.20
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]110,99
[/TD] [TD]111.06
[/TD] [TD]6.03
[/TD] [TD]0.06
[/TD] [TD]6,34
[/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]118,59
[/TD] [TD]119.18
[/TD] [TD]8.42
[/TD] [TD]0.50
[/TD] [TD]8.46
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]105,82
[/TD] [TD]106.82
[/TD] [TD]4.43
[/TD] [TD]0.95
[/TD] [TD]4.16
[/TD] [/TR] [TR] [TD]
General Consumer Price Index
[/TD] [TD]112,88
[/TD] [TD]
114.03
[/TD] [TD]5.80
[/TD] [TD]1.02
[/TD] [TD]6,52
[/TD] [/TR]
| Table 2 |
[TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD] [TD]M (%)
[/TD] [/TD] [/TR] [TR] [TD]Mar 23/Mar 22
[/TD] [/TD] [TD] [TD]Mar 23/ Feb 23
[/TD] [/TR] [TR] [TD]Agricultural Products
[/TD] [TD]749
[/TD] [TD]-1,55
[/TD] [TD]-3.65
[/TD] [/TR] [TR] [TD]Industrial Products (except Petroleum Products)
[/TD] [TD]4021
[/TD] [TD]7.95
[/TD] [TD]2,38
[/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]316
[/TD] [TD]34.41
[/TD] [TD]1.97
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]871
[/TD] [TD]-0,78
[/TD] [TD]1,53
[/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]4,09
[/TD] [TD]0,45
[/TD] [/TR] [TR] [TD]
General Index
[/TD] [TD]10000
[/TD] [TD]5,80
[/TD] [/TD] [TD]1,02
[/TD] [/TR]
| Table 3 | |||
| [TD] Categories of Goods and Services | Weighting Coefficients | [TD] Impact (Units) | |
| Mar 23/Mar 22 | Mar 23/ Feb 23 | ||
| Food and Non-Alcoholic Beverages | 1906 | 1,48 | -0.18 |
| Alcoholic Beverages and Tobacco | 347 | 0.07 | 0,03 |
| Clothing and footwear | 721 | 0,16 | 0,64 |
| Housing, Water, Electricity and LPG | 1119 | 2,08 | 0,14 |
| Furnishings, Household Equipment and Cleaning Products | 644 | 0,48 | 0,06 |
| Health | 637 | 0,09 | 0.00 |
| Transport | 1524 | 0,42 | 0.34 |
| Communications | 439 | -0,14 | 0,00 |
| Leisure and culture | 575 | 0,36 | 0,00 |
| Education | 392 | 0,08 | 0,00 |
| Restaurants and Hotels | 836 | 0,77 | 0.05 |
| Other Goods and Services | 860 | 0.39 | 0,09 |
|
General Consumer Price Index |
[TD]
10000
[/TD] [TD]6,25
[/TD] [TD]
1,15
[/TD][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 |
[TR] [TD]
Products/Services
[/TD] [TD]Impact (units)
[/TD] [TD]Impact (units)
[/TD] [/TR] [TR] [TD]
Mar 23/Mar 22
[/TD] [/TR] [TR] [TD]Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Electricity
[/TD] [TD]1,48
[/TD] [/TR] [TR] [TD]Catering services
[/TD] [TD]0.76
[/TD] [/TR] [TR] [TD]Fresh meat
[/TD] [TD]0.44
[/TD] [/TR] [TR] [TD]Car purchase
[/TD] [TD]0,37
[/TD] [/TR] [TR] [TD]Services for regular maintenance of housing
[/TD] [TD]0,36
[/TD] [/TR] [TR] [TD]Oils and fats
[/TD] [TD]0,15
[/TD] [/TR] [TR] [TD]Miscellaneous other products and services
[/TD] [/TD] [TD]3,71
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh fruit
[/TD] [TD]-0,64
[/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0.24
[/TD] [/TR] [TR] [TD]Petroleum products
[/TD] [TD]-0,14
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]6,25
[/TD] [/TR]
| Table 5 | |
| Products/Services | Impact (units) |
|
Mar 23/Feb 23 |
[TR] [TD]
Positive impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Clothing
[/TD] [TD]0,43
[/TD] [/TR] [TR] [TD]Footwear
[/TD] [TD]0.21
[/TD] [/TR] [TR] [TD]Miscellaneous other goods and services
[/TD] [/TD] [TD]0,86
[/TD] [/TR] [TR] [TD]Negative impact
[/TD] [TD] [/TD] [/TR] [TR] [TD]Fresh vegetables
[/TD] [TD]-0,35
[/TD] [/TR] [TR] [TD]
TOTAL
[/TD] [/TD] [TD]1,15
[/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
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.
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 in which 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, 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: Tel. Postal: cpapageorgiou@cystat.mof.gov.cy
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