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Annual Change 3.9%
The Harmonised Index of Consumer Prices in April 2023 increased by 3.9% compared to April 2022, while compared to the previous month it increased by 0.9%. For the period January to April 2023, there was a 5.9% year-on-year increase. (Table 1)
Note: Euro area HICP for last month is based on EUROSTAT flash estimate
Compared with April 2022, the categories Food and Non-Alcoholic Beverages (6.9%), Furniture, Household Equipment and Cleaning Products (6.7%) and Restaurants and Hotels (6.5%) showed the largest changes. (Table 1)
Compared to March 2023, the largest change was recorded in Clothing & Footwear(4.2%). (Table 1)
For the period January to April 2023 compared to the same period last year, the largest changes were observed in the categories Housing, Water, Electricity & LPG (14.0%), Food and Non-Alcoholic Beverages (8.5%) and Restaurants & Hotels (8.2%). (Table 1)
The largest changes in economic categories compared to April 2022 were observed in Food and Alcoholic Beverages and Tobacco (5.8%) and Non-Energy Industrial Products (5.7%). Compared to the previous month, Energy (-2.9%) saw the largest change. (Table 2)
The largest change in economic categories compared to March 2022 was observed in the Energy category[/I], with a 10.3% change. Compared to the previous month, the category Non-energy industrial products (3.2%) recorded the largest change. (Table 2)
| Table 1 |
[TR] [TD]
Categories Goods and Services
[/TD] [/TD] [TD]HICP (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]March
2023
[/TD] [TD]April
2023
[/TD] [TD] [TD]Apr 23/
Apr 22
[/TD] [TD]Apr 23/
Mar 23
[/TD] [TD]Jan - Apr 23/
Jan - Apr 22
[/TD] [/TR] [TR] [TD]Food and Non-Alcoholic Beverages
[/TD] [TD]119,66
[/TD] [TD]120.71
[/TD] [TD]6.9
[/TD] [TD]0.9
[/TD] [TD]8,5
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]100,40
[/TD] [TD]100,60
[/TD] [TD]2,2
[/TD] [TD]0,2
[/TD] [TD]2,0
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]102,87
[/TD] [TD]107.23
[/TD] [TD]3.0
[/TD] [TD]4.2
[/TD] [TD]2,2
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]143,07
[/TD] [TD]139,07
[/TD] [TD]4,8
[/TD] [TD]-2,8
[/TD] [TD]14,0
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [TD]104,68
[/TD] [TD]104,67
[/TD] [TD]6,7
[/TD] [TD]0,0
[/TD] [TD]7,7
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]105.04
[/TD] [TD]105.13
[/TD] [TD]1,5
[/TD] [TD]0,1
[/TD] [TD]1,4
[/TD] [/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]108,68
[/TD] [TD]112.37
[/TD] [TD]-1.8
[/TD] [TD]3.4
[/TD] [TD]1,8
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]90.23
[/TD] [TD]90.98
[/TD] [TD]-2,7
[/TD] [TD]0,8
[/TD] [TD]-3,2
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]111,68
[/TD] [TD]111.83
[/TD] [TD]4.8
[/TD] [TD]0.1
[/TD] [TD]4,9
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]108.01
[/TD] [TD]108.01
[/TD] [TD]1.8
[/TD] [TD]0,0
[/TD] [TD]1,8
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]113,65
[/TD] [TD]114.98
[/TD] [TD]6.5
[/TD] [TD]1.2
[/TD] [TD]8.2
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]108,22
[/TD] [TD]108.74
[/TD] [TD]5.1
[/TD] [TD]0.5
[/TD] [TD]5.2
[/TD] [/TR] [TR] [TD]
General Harmonized CPI
[/TD] [TD]112,64
[/TD] [TD]113.67
[/TD] [TD]3.9
[/TD] [TD]0.9
[/TD] [TD]5,9
[/TD] [/TR] Table 2 [/TD] [TD] [TR] [TD] Economic Categories Weighting Coefficients M (%) Apr 23/ Apr 22 Apr 23/ Mar 23 General En.DTC 1000 3.9 0.9 Energy 97,05 -1.7 -2.9 Foods-Salted Beverages-Tobacco 209.75 5,8 0,7 Non-energy industrial products 244,83 5,7 1,2 Services 448.37 3.4 1.9
[/TD] [TD]
[/TD]
[/TD] [/TR] [TR] [TD]
Note: Individual weights are calculated to infinite decimal places and are published rounded to two decimal places. The difference in the sum is due to rounding error.
Methodological information
Definitions
The Harmonised Index of Consumer Prices (HICP) 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 and tourists within the economic territory of the country. The HICP is calculated according to a harmonised approach and methodology as laid down by the EU in a series of relevant Regulations.
Annual change shows the change in the HICP compared to the corresponding month of the previous year.
Products/Services
With effect from January 2018, the products included in the HICP have been revised. The revision was based on the results of the Family Budget Survey 2015/2016. More information is available on the Statistical Office's website in the Methodology section, under the Economy/ Price Indices/ Harmonised Index of Consumer Prices statistical subtopic.
Price collection
Price collection 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 are as follows: Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 10%.
The prices of 805 items (goods and services) are recorded once every month, except for some seasonal products (e.g. vegetables and fruits), meat and fuel, whose prices are collected every week (every Thursday). The prices collected are actual prices paid by consumers, including various taxes (VAT, excise duties). Prices of sales and other offers are also taken into account in the calculation of the index, provided that they are generally valid and not subject to conditions.
Item weights
The item weights of the HICP are calculated on the basis of consumer expenditure (of households and tourists) incurred in the economic territory of the country. Until 2011, the main source for consumer expenditure was the Family Budget Survey, while since 2012 and based on a regulation of the European Statistical Office (No 1148/2020), mainly data from the National Accounts are used.
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 HICP 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, HICP 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.
As of February 2019, Statistics Cyprus publishes the economic categories of HICP as calculated from more detailed data.
For more information:
Statistical Service Portal, under Price Indices
CYSTAT-DB (Database)
Predefined Tables (Excel)
The Predefined Tables in Excel format include data up to December 2021. For data from January 2022 onwards, the update is done only in the CYSTAT-DB Database.
Contact
Konstantia Papageorgiou: Tel. cpapageorgiou@cystat.mof.gov.cy
(AF/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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