Annual change 4.8%
The Harmonised Index of Consumer Prices in December 2021 increased by 4.8% compared with December 2020, while compared with the previous month it decreased by 0.3%. For the period January to December 2021, there was an increase of 2.3% compared to the same period last year. (Table 1)
Note.
Compared to December 2020, the categories Housing, water, electricity and gas and Transport showed the largest changes with rates of 15.8% and 13.7% respectively. (Table 1)
Compared to November 2021, the largest change was recorded in the category Food and Non-alcoholic Beverages (-0.8%). (Table 1)
For the period January - December 2021 compared to the same period last year, the largest change was observed in the category Transport (8.6%). (Table 1)
The largest change in the economic categories compared to both December 2020 and the previous month was observed in the category Energy with rates of 28.0% and -1.6% respectively. (Table 2)
|
Table 1 |
[TR] [TD]
Goods and Services Categories
[/TD] [TD]HICP (2015=100)
[/TD] [TD]Changes (%)
[/TD] [/TD] [/TR] [TR] [TD]November 2021
[/TD] [TD]December 2021
[/TD] [TD]Dec 21/ Dec 20
[/TD] [TD]Dec 21/ Nov 21
[/TD] [TD]Jan - Dec 21/ Jan - Dec 20
[/TD] [/TD] [/TR] [TR] [TD]Food and non-alcoholic beverages
[/TD] [TD]103,36
[/TD] [TD]102.57
[/TD] [TD]1.1
[/TD] [TD]-0.8
[/TD] [TD]0,0
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]95.71
[/TD] [TD]95.31
[/TD] [TD]0.3
[/TD] [TD]-0,4
[/TD] [TD]-0.7
[/TD] [/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]105.61
[/TD] [TD]105.56
[/TD] [TD]3.2
[/TD] [TD]0.0
[/TD] [TD]2,1
[/TD] [/TR] [TR] [TD]Housing, Water, Electricity and LPG
[/TD] [TD]121.78
[/TD] [TD]121.19
[/TD] [TD]15.8
[/TD] [TD]-0.5
[/TD] [TD]7,4
[/TD] [/TR] [TR] [TD]Furnishings, Household Equipment and Cleaning Products
[/TD] [TD]95.78
[/TD] [TD]96.45
[/TD] [TD]2.3
[/TD] [TD]0.7
[/TD] [TD]0,6
[/TD] [/TR] [TR] [TD]Health
[/TD] [TD]103.42
[/TD] [TD]103.45
[/TD] [TD]1,0
[/TD] [TD]0,0
[/TD] [TD]0,7
[/TD] [/TR] [TR] [TD]Transport
[/TD] [TD]104,76
[/TD] [TD]104.28
[/TD] [TD]13.7
[/TD] [TD]-0.5
[/TD] [TD]8,6
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]94.00
[/TD] [TD]94.01
[/TD] [TD]0,1
[/TD] [TD]0,0
[/TD] [TD]-1,3
[/TD] [/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]106,04
[/TD] [TD]106.15
[/TD] [TD]2.2
[/TD] [TD]0.1
[/TD] [TD]2,1
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]106.13
[/TD] [TD]106.13
[/TD] [TD]0,6
[/TD] [TD]0,0
[/TD] [TD]0,3
[/TD] [/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]103,38
[/TD] [TD]102.80
[/TD] [TD]3.3
[/TD] [TD]-0.6
[/TD] [TD]0.4
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]101,34
[/TD] [TD]101.36
[/TD] [TD]1.3
[/TD] [TD]0.0
[/TD] [TD]0.7
[/TD] [/TR] [TR] [TD]
General Harmonised Index of Consumer Prices
[/TD] [TD]104,37
[/TD] [TD]104.04
[/TD] [TD]4.8
[/TD] [TD]-0.3
[/TD] [TD]2,3
[/TD] [/TR]
| Table 2 |
[TR] [TD]
Economic Categories
[/TD] [TD]Coefficients Weighting factors
[/TD] [/TD] [TD]
Mchanges (%)
[/TD] [/TR] [TR] [TD]
Dec 21/ Dec 20
[/TD] [/TD] [TD]
Dec 21/ Nov 21
[/TD] [/TR] [TR] [TD]
General En.DT
[/TD] [TD]1000
[/TD] [TD]4,8
[/TD] [TD]-0,3
[/TD] [/TR] [TR] [TD]Energy
[/TD] [TD]84,01
[/TD] [TD]28.0
[/TD] [TD]-1.6
[/TD] [/TR] [TR] [TD]Foods-Salted Beverages-Tobacco
[/TD] [TD]236.04
[/TD] [TD]0,9
[/TD] [TD]-0.7
[/TD] [/TR] [TR] [TD]Non-energy industrial products
[/TD] [TD]219.83
[/TD] [TD]3.2
[/TD] [TD]0,2
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]460.13
[/TD] [TD]2.9
[/TD] [TD]-0.1
[/TD] [/TR]
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 purchased, 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.
The 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 contained in the HICP have been revised. The revision was based on the results of the Family Budget Survey 2015/2016. More information is available in the file "Consumer Price Index" posted on the Statistical Office's website under the statistical theme "Economy/Consumer Price Index", in the Methodology section.
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 1114/2010), 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.
With the February 2019 publication, Statistics Cyprus publishes the economic categories of HICP as calculated from more detailed data.
Methodological change
Following a directive from the European Statistical Office to comply with Regulation No. 330/2009, a new way of calculating the index of fresh fruit and vegetables has been implemented from January 2021. The general HICP of December 2021, with the index of fresh fruit and vegetables as calculated until 2020, would amount to 103.92 points and inflation to 4.7%.
For more information:
Statistical Office Portal, sub-topic Price Indices CYSTAT-DB (Database) Predefined Tables (Excel)
The Predefined Tables will be available in Excel format until December 2021. Thereafter, the data will be updated only in the CYSTAT-DB Database.
Contact
Constantia Papageorgiou: Tel. cpapageorgiou@cystat.mof.gov.cy
(MB/SX)
Contents of this article including associated images are belongs PIO
Views & opinions expressed are those of the author and/or PIO
Source
