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The Harmonised Index of Consumer Prices (HICP) in January 2024 increased by 2.1% compared to January 2023, while it decreased by 1.2% compared to the previous month (Table 1)
Note: Eurozone HICP for last month is based on EUROSTAT flash estimate.
Compared to January 2023, Restaurants & Hotels (5.8%) showed the largest positive change, while Transport showed the largest negative change (-1.3%). (Table 1)
Compared with December 2023, the largest change was recorded in the Clothing & Footwear category (-13.7%). (Table 1)
The largest change in economic categories compared with January 2023 was observed in the Services category (4.0%), while compared with the previous month it was observed in the Non-energy industrial products category (-4.2%). (Table 2)
| Table 1 |
| Goods categories and Services |
[TD]
HICP (2015=100)
[/TD] [TD] [/TD] [TD]Changes (%)
[/TD] [/TD][TR] [TD] [TD]
December
2023
[/TD] [TD]January
2024
[/TD] [TD] [/TD] [TD]Jan 24/
Jan 23
[/TD] [TD]Jan 24/
Dec 23
[/TD] [/TD] [/TR] [TR] [TD]Food and non-alcoholic beverages
[/TD] [/TD] [TD]119,76
[/TD] [TD]120.08
[/TD] [TD] [/TD] [TD]3.1
[/TD] [TD]0.3
[/TD] [/TR] [TR] [TD]Alcoholic Beverages and Tobacco
[/TD] [TD]100,02
[/TD] [TD]100.62
[/TD] [TD] [/TD] [TD]3.6
[/TD] [TD]0.6
[/TD] [/TR] [TR] [TD]Clothing and footwear
[/TD] [TD]108.07
[/TD] [TD]93,26
[/TD] [TD] [/TD] [TD]1.0
[/TD] [TD]-13.7
[/TD] [/TD] [/TR] [TR] [TD]Housing, Water Supply,
Electricity and LPG
144.12
[/TD] [TD]143,00
[/TD] [TD] [/TD] [TD]0.7
[/TD] [TD]-0.8
[/TD] [/TD] [/TR] [TR] [TD]Furniture, Household Appliances and Cleaning Products
[/TD] [TD]103.69
[/TD] [TD]102,98
[/TD] [TD] [/TD] [TD]-0.3
[/TD] [TD]-0.7
[/TD] [/TD] [/TR] [TR] [TD]Health
[/TD] [TD]105,80
[/TD] [TD]106.07
[/TD] [TD] [/TD] [TD]1.2
[/TD] [TD]0,3
[/TD] [/TR] [TR] [TD]Transfers
[/TD] [TD]108.25
[/TD] [TD]105.30
[/TD] [TD] [/TD] [TD]-1,3
[/TD] [TD]-2.7
[/TD] [/TR] [TR] [TD]Communications
[/TD] [TD]90,44
[/TD] [TD]90,65
[/TD] [TD] [/TD] [TD]0,0
[/TD] [TD]0,2
[/TD] [/TR] [TR] [TD]Leisure and Culture
[/TD] [TD]114,25
[/TD] [TD]114,28
[/TD] [TD] [/TD] [TD]2,6
[/TD] [TD]0,0
[/TD] [/TR] [TR] [TD]Education
[/TD] [TD]110.54
[/TD] [TD]110.54
[/TD] [TD] [/TD] [TD]2,3
[/TD] [TD]0,0
[/TD] [/TR] [TR] [TD]Restaurants and Hotels
[/TD] [TD]117,91
[/TD] [TD]118,16
[/TD] [TD] [/TD] [TD]5,8
[/TD] [TD]0,2
[/TD] [/TR] [TR] [TD]Other Goods and Services
[/TD] [TD]110.28
[/TD] [TD]110.06
[/TD] [TD] [/TD] [TD]2.6
[/TD] [TD]-0,2
[/TD] [/TR] [TR] [TD]General Harmonized CPI
[/TD] [TD]114,09
[/TD] [TD]
112.67
[/TD] [TD] [/TD] [TD][2.1
[/TD] [TD]-1,2
[/TD] [/TR]
| Table 2 |
[TR] [TD] [TD]
Economic Categories
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Weighting Coefficients
[/TD] [TD]Changes (%)
[/TD] [/TR] [TR] [TD]Jan 24/
Jan 23
[/TD] [TD]Jan 24/
Dec 23
[/TD] [/TR] [TR] [TD]General Eng.CPI
[/TD] [/TD] [TD]
1000
[/TD] [TD]2.1
[/TD] [TD]-1.2
[/TD] [/TD] [/TR] [TR] [TD]Energy
[/TD] [TD]101,71
[/TD] [TD]-2.9
[/TD] [TD]-2.0
[/TD] [/TR] [TR] [TD]Foods-Salted Beverages-Tobacco
[/TD] [TD]222.41
[/TD] [TD]3,2
[/TD] [TD]0,3
[/TD] [/TD] [/TR] [TR] [TD]Non-energy industrial products
[/TD] [TD]231,47
[/TD] [TD]-0,1
[/TD] [TD]-4,2
[/TD] [/TR] [TR] [TD]Services
[/TD] [TD]444.42
[/TD] [TD]4.0
[/TD] [TD]-0.3
[/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 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.
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 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 weighting coefficients
The HICP item weighting coefficients 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 the HICP as calculated from more detailed data.
For more information, interested parties can visit the Statistics Cyprus Portal, under Price Indices, CYSTAT-DB (Database), Predefined Tables (Excel), Methodological Information or contact Ms. Konstantia Papageorgiou: tel:+35722602116, e-mail: cpapageorgiou@cystat.mof.gov.cy.
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.
(NΓ/NΓιαν)
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