04-02-2021 13:04
Consumer Price Index (CPI): January 2021 (Inflation -1,6%)
In January 2021, the Consumer Price Index decreased by 1,06 units and reached 99,21 units compared to 100,27 units in December 2020. Compared to January 2020, the CPI decreased by 1,6%. (Table 1)
As regards the economic origin, the largest changes when compared to the index of January 2020 were recorded in ElectricityandAgricultural goods with percentages of -12,9% and -11,2% respectively. In comparison to the index of the previous month, the largest change was monitored in Agricultural goods with a percentage of -5,0%. (Table 2)
Analysis of percentage changes
Compared to January 2020, the categories Housing, Water, Electricity, Gas and Other Fuels (-4,6%) and Food and non-Alcoholic Beverages (-4,6%) recorded the largest negative changes, whereas the category Clothing and Footwear had the largest positive change with a percentage of 5,0%.(Table 1)
In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear (-13,3%). (Table 1)
Analysis of effects in units
Compared to the Index of January 2020, the categories Food and non-Alcoholic Beverages (-0,91) and Housing, water, electricity, gas and other fuels(-0,58) had the largest negative effect on the change of the CPI, whereas the category Clothing and Footwear (0,31) had the largest positive effect. (Table 3)
The category Clothing and Footwear (-1,01) had the largest effect on the change of the CPI compared to the previous month. (Table 3)
Petroleum products (-0,85) and fresh vegetables (-0,72) had the most notable negative effect on the change of the CPI of January 2021 compared to January 2020. (Table 4)
Finally, clothing (-0,62) had the largest effect on the change of the CPI of January 2021 compared to the previous month. (Table 5)
Table 1 |
|||||
Categories of Goods and Services |
CPI (2015=100) |
Change (%) |
|||
December 2020 |
January 2021 |
Jan 21/ Jan20 |
Jan 21/ Dec 20 |
||
Food and non-Alcoholic Beverages |
100,64 |
99,33 |
-4,60 |
-1,30 |
|
Alcoholic Beverages and Tobacco |
97,08 |
97,58 |
-0,37 |
0,52 |
|
Clothing and Footwear |
104,57 |
90,63 |
5,03 |
-13,33 |
|
Housing, Water, Electricity, Gas and Other Fuels |
105,20 |
106,12 |
-4,62 |
0,87 |
|
Furnishings, Household Equipment and Routine Maintenance of the House |
95,02 |
94,77 |
-0,74 |
-0,26 |
|
Health |
102,09 |
102,25 |
0,35 |
0,16 |
|
Transport |
93,28 |
94,22 |
-3,25 |
1,01 |
|
Communication |
94,15 |
91,50 |
-3,91 |
-2,81 |
|
Recreation and Culture |
101,99 |
101,90 |
2,09 |
-0,09 |
|
Education |
106,76 |
106,76 |
-0,03 |
0,00 |
|
Restaurants and Hotels |
105,20 |
105,21 |
0,21 |
0,01 |
|
Miscellaneous Goods and Services |
99,92 |
100,60 |
1,18 |
0,68 |
|
General Consumer Price Index |
100,27 |
99,21 |
-1,61 |
-1,06 |
|
Table 2 |
|||
Economic Origin |
Weights |
Change (%) |
|
Jan 21/ Jan20 |
Jan 21/ Dec 20 |
||
Agricultural goods |
655 |
-11,19 |
-5,02 |
Industrial goods (excl. petroleum products) |
4195 |
1,06 |
-2,10 |
Electricity |
319 |
-12,86 |
1,45 |
Petroleum products |
550 |
-9,96 |
1,76 |
Water |
57 |
0,00 |
0,00 |
Services |
4224 |
0,65 |
-0,05 |
General Index |
10000 |
-1,61 |
-1,06 |
Table 3 |
|||
Categories of Goods and Services |
Weights |
Effect (units) |
|
Jan 21/ Jan20 |
Jan 21/ Dec 20 |
||
Food and non-Alcoholic Beverages |
1906 |
-0,91 |
-0,25 |
Alcoholic Beverages, Tobacco |
347 |
-0,01 |
0,02 |
Clothing and Footwear |
721 |
0,31 |
-1,01 |
Housing, Water, Electricity, Gas and Other Fuels |
1119 |
-0,58 |
0,10 |
Furnishings, Household Equipment and Routine Maintenance of the House |
644 |
-0,05 |
-0,02 |
Health |
637 |
0,02 |
0,01 |
Transport |
1524 |
-0,48 |
0,14 |
Communication |
439 |
-0,16 |
-0,12 |
Recreation and Culture |
575 |
0,12 |
-0,01 |
Education |
392 |
0,00 |
0,00 |
Restaurants and Hotels |
836 |
0,02 |
0,00 |
Miscellaneous Goods and Services |
860 |
0,10 |
0,06 |
General Consumer Price Index |
10000 |
-1,62 |
-1,06 |
|
Table 4 |
|
Goods/Services |
Effect (units) |
Jan 21/ Jan20 |
|
Positive effect |
|
Clothing |
0,33 |
Other goods and services |
0,11 |
Negative effect |
|
Petroleum products |
-0,85 |
Fresh vegetables |
-0,72 |
Electricity |
-0,49 |
TOTAL |
-1,62 |
Table5 |
|
Goods/Services |
Effect (units) |
Jan 21/ Dec 20 |
|
Positive effect |
|
Other goods and services |
0,25 |
Negative effect |
|
Clothing |
-0,62 |
Footwear |
-0,38 |
Fresh vegetables |
-0,31 |
TOTAL |
-1,06 |
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 January 2015. From January 2016 and onwards, the base year is 2015=100.
Classification
Until January 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.
Exceptional Methodological Adjustment
The implementation of precautionary measures and relevant decrees to address the negative consequences of COVID-19 disease had a direct impact on the price collection process of certain goods/services for the month of January 2021. As the problems anticipated were common to all Member States of the European Union they were tackled by applying the same methodologies under the supervision and guidance of the European Statistical Office (Eurostat).
Missing Prices
In cases where products/goods were not available for consumption, the following practices were followed:
Seasonal Products/Services
The missing airfares along with the missing prices for hotel accommodation were estimated by carrying forward previous’ month prices adjusted with the seasonal factor recorded last year, during the respective month.
Weights
The weights of goods and services in the CPI basket have not been adjusted.
Further information:
Statistical Service (CYSTAT) Website, subtheme Consumer Price Index
Contact
Constandia Papageorgiou: Tel: +35722602116, Email: cpapageorgiou@cystat.mof.gov.cy
Andri Eftychiou: Τel: +35725878595, Email: aeftychiou@cystat.mof.gov.cy
(IK/ECHR)
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