Press Releases

05-04-2018 12:58

Consumer Price Index: March 2018

Inflation -0,5%

In March 2018, the Consumer Price Index (CPI) increased by 0,71 units to 99,27 units compared to 98,56 units in February 2018. Compared to March 2017, the CPI is decreased by 0,5% while for the period January-March 2018, the CPI is decreased by 0,5% compared to the corresponding period of the previous year. (Table 1)

In the 12-month period, from April 2017 to March 2018, in comparison to the period from April 2016 to March 2017, the annual average rate of change of the CPI was 0,1%. The corresponding annual average rate of change of the CPI in the previous 12-month period was -0,6%.

As regards the economic origin, the largest change was recorded in Electricity with a decrease of -6,5%, when compared to the index of March 2017, while in comparison to the index of the previous month an increase of 1,3% was observed. (Table 2)

Analysis of changes

Compared to March 2017, the largest changes were noted in Clothing and Footwear (-3,1%) and Food and Non-Alcoholic Beverages (-2,8%), whereas an increase was recorded in Transport (2,9%). (Table 1)

In comparison to the CPI of February 2018, an increase was noted in Clothing and Footwear (6,9%). (Table 1)

For the period between January-March 2018, compared to the corresponding period of the previous year, the largest negative change was noted in Food and Non-Alcoholic Beverages (-4,3%), while an increase was recorded in Transport (2,6%). (Table 1)

Analysis of effects

The categories with the largest effect on the change of the CPI of March 2018, compared to the previous month, were the Clothing and Footwear (0,46). (Table 3)

The products/services with the most notable effect on the change of the CPI of March 2018 compared to the previous month were clothing (0,28) and footwear (0,18). (Table 4)

	Table 1
Categories of Goods and Services		CPI (2015=100)		Change (%)
Categories of Goods and Services		Feb 2018	Mar 2018	Mar 18/ Mar 17	Mar 18/ Feb 18	Jan- Mar 18/ Jan- Mar 17
Food and Non-Alcoholic Beverages		97,41	98,25	-2,78	0,86	-4,28
Alcoholic Beverages and Tobacco		97,28	97,50	-2,01	0,23	-1,82
Clothing and Footwear		92,81	99,22	-3,06	6,91	-2,53
Housing, Water, Electricity, Gas and Other Fuels		100,36	100,58	-0,86	0,22	0,28
Furnishings, Household Equipment and Routine Maintenance of the House		95,24	95,80	-2,25	0,59	-1,87
Health		101,99	101,87	0,43	-0,12	0,50
Transport		98,86	98,76	2,92	-0,10	2,60
Communication		97,35	97,30	-0,53	-0,05	-0,71
Recreation and Culture		99,61	99,49	-0,09	-0,12	0,09
Education		103,09	103,09	2,32	0,00	2,32
Restaurants and Hotels		101,17	101,66	1,16	0,48	0,92
Miscellaneous Goods and Services		98,80	98,98	-0,42	0,18	-0,31
General Consumer Price Index		98,56	99,27	-0,49	0,72	-0,50

Table 2
Economic Origin	Weights	Change (%)
Economic Origin	Weights	Mar 18/ Mar 17	Mar 18/ Feb 18
General Index	10000	-0,49	0,72
Agricultural goods	655	-5,77	1,71
Industrial goods (excl. petroleum products)	4195	-1,55	1,45
Electricity	319	-6,49	1,25
Petroleum products	550	-0,58	-0,82
Water	57	-2,78	0,00
Services	4224	1,92	0,16

Table 3
Categories of Goods and Services	Weights	Effect (units)
Categories of Goods and Services	Weights	Mar 18/ Feb 18
Food and non-alcoholic beverages	1906	0,16
Alcoholic beverages, tobacco	347	0,01
Clothing and footwear	721	0,46
Housing, water, electricity, gas and other fuels	1119	0,02
Furnishings, household equipment and routine maintenance of the house	644	0,04
Health	637	-0,01
Transport	1524	-0,02
Communication	439	0,00
Recreation and culture	575	-0,01
Education	392	0,00
Restaurants and hotels	836	0,04
Miscellaneous goods and services	860	0,02
General Consumer Price Index	10000	0,71
Note: Totals are calculated on the basis of the effects of the categories with infinite decimal figures and rounded up to two decimals when published. Figures may not add to totals due to rounding error.

Table 4
Goods/Services	Effect (units)
Goods/Services	Mar 18/ Feb 18
*Positive effect*
Clothing	0,28
Footwear	0,18
Fresh Vegetables	0,07
Soft Drinks	0,06
Other goods and services	0,12
TOTAL	0,71

METHODOLOGICAL NOTES

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 Nicosia, Larnaca, Limassol and Paphos. 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: Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 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, COICOP4 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.

Further information

Constandia Papageorgiou: Tel: +35722602116, E-mail: cpapageorgiou@cystat.mof.gov.cy

Andri Eftychiou: Τel: +35725878595, E-mail: aeftychiou@cystat.mof.gov.cy

_____________

(EA/SCH)

Relevant Press Releases

05-07-2024 13:06

Industrial Turnover Index: April 2024

04-07-2024 14:01

Consumer Price Index (CPI): June 2024

03-07-2024 13:50

Registered unemployed: June 2024

03-07-2024 13:18

Results of the Wholesale and Retail Trade Survey 2022

01-07-2024 14:48

Fiscal Accounts of General Government: January-May 2024

Press Releases

PRESS AND INFORMATION OFFICE