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In November 2019, the Consumer Price Index increased by 0,31 units and reached 101,60 units compared to 101,29 units in October 2019. Compared to November 2018, the CPI decreased by 0,5%. (Table 1)

In the twelve-month-period from December 2018 to November 2019, in comparison to the period from December 2017 to November 2018, the annual average rate of change of the CPI was 0,3%, while during the corresponding previous twelve-month-period the CPI increased by 1,2%.

Comparing to the index of November 2018 the largest change in economic origin was recorded in Petroleum products (-8,4%), while in comparison to the index of the previous month, the largest change was noted in Agricultural goods with a percentage of 2,8%. (Table 2)

Analysis of changes

Compared to November 2018, the category Transport recorded the largest change with a percentage of -3,1%. (Table 1)

In comparison to the CPI of the previous month, the largest change was noted in Food and Non-Alcoholic Beverages (1,3%). (Table 1)

For the period between January–November 2019, compared to the corresponding period of the previous year, the largest change was recorded in Housing, Water, Electricity, Gas and Other Fuels (4%). (Table 1)

Analysis of effects

Compared to November 2018, the category Transport had the largest effect (-0,47) on the change of the CPI. (Table 3)

The category Food and Non-Alcoholic Beverages had the largest effect (0,25) on the change of the CPI compared to the previous month. (Table 3)

Petroleum products had the most notable effect (-0,76) on the change of the CPI of November 2019 compared to November 2018. (Table 4)

Finally, fresh vegetables had the largest effect of 0,15 units on the change of the CPI of November 2019 compared to the previous month. (Table 5)

Methodological note

Definitions

The Consumer Price Index (CPI) is compiled to measure the changes of prices over time of consumer goods and services acquired, used or paid by households. Specifically, the national CPI of Cyprus covers the consumption expenses of specific goods and services (shopping basket of goods and services), of the resident households and of the households that intend to live in Cyprus for at least one year. CPI is the official index for the estimation of inflation.

The Inflation shows the change of the CPI when compared with the index of the corresponding month of the previous year.

The Effect represents the amount of the overall change in the General Index which is accounted for by any given category.

Collection

The price collection is carried out only in urban districts of Lefkosia, Larnaka, Lemesos and Pafos. For each city, the fluctuations in the product prices each month, are weighted according to their population. Specifically, the weights for the four districts are: Lefkosia 42%, Lemesos 30%, Larnaka 18% and Pafos 10%.

The prices of 805 goods and services are recorded once every month, except for some seasonal products (e.g. vegetables and fruits), meat and fuels, whose prices are collected every week (every Thursday).

Base year

The index reference period was 2005=100 for the period between January 2006 and December 2015. From January 2016 and onwards, the base year is 2015=100.

Classification                                                                                                                 

Until December 2015, COICOP 4 classification was used for the calculation and the dissemination of the CPI. From January 2016 and onwards, CYSTAT is adopting the ECOICOP classification satisfying relevant Eurostat’s Regulation. In other words, the lowest level of detail for the classification used in CPI is COICOP 5-digits.

Products/Services and weights

From January 2018 and onwards, the products included in the CPI, as well as their corresponding weights have been revised. The revision was based on the results of the Household Budget Survey 2015/2016.

For further information visit the Statistical Service (CYSTAT) website, subtheme Consumer Price Index or contact Ms Constandia Papageorgiou: tel: +35722602116, email: cpapageorgiou@cystat.mof.gov.cy or Ms Andri Eftychiou: tel: +35725878595, email: aeftychiou@cystat.mof.gov.cy

(EK/II)