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Inflation 1,5%

 In August 2024, the Consumer Price Index (CPI) increased by 0,37 units and reached 118,10 units compared to 117,73 units in July 2024. In August 2024, the inflation increased by 1,5% (Table 1).

For the period January-August 2024, the CPI increased by 2,0% compared to the corresponding period of the previous year (Table 1).

As regards the economic origin, the largest positive change when compared to the index of August 2023 as well as the index of the previous month was recorded in Agricultural goodswith 6,8% and 4,5% respectively (Table 2).

Analysis of percentage changes

Compared to August 2023, the largest change was monitored in categories Restaurants and Hotels (5,6%) and Food and Non-Alcoholic Beverages (3,4%) (Table 1).

In comparison to the CPI of the previous month, the largest change was noted in Food and Non-Alcoholic Beverages (1,7%) (Table 1).

For the period January-August 2024, compared to the corresponding period of the previous year, the largest changes were recorded in Restaurants and Hotels (5,7%) and Miscellaneous Goods and Services (3,3%) (Table 1).

Analysis of effects in units

Compared to the Index of August 2023, the categories Food and Non-Alcoholic Beverages (0,79) and Restaurants and Hotels (0,58) had the largest positive effect on the change of the CPI (Table 3).

The largest negative effect on the change of the CPI, compared to August 2023, was recorded in Transport (-0,40) (Table 3).

The largest effect on the change of the CPI, compared to the index of the previous month, was recorded in Food and Non-Alcoholic Beverages (0,41) (Table 3).

Catering services (0,56) and Fresh vegetables (0,40) had the most notable effect on the change of the CPI of August 2024 compared to August 2023 (Table 4).

Finally, Fresh vegetables (0,51) had the largest positive effect on the change of the CPI of August 2024 compared to the index of the previous month, whereas the largest negative effect was recorded in Petroleum products (-0,53) (Table 5).

Methodological Information

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 fruit), 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 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.

For more information, visit the CYSTAT Portal, subtheme Price Indices, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Mr Sofronis Vikis at 22602206 or via e-mail at svikis@cystat.mof.gov.cy, or Mr Kyriakos Voutouris at 22605132 or via e-mail at kvoutouris@cystat.mof.gov.cy, or Mr Filippos Kakoutsis at 22605149 or via e-mail at fkakoutsis@cystat.mof.gov.cy.

The Predefined Tables, available in Excel format, are updated up to and including December 2021. More recent data are published only on the CYSTAT-DB Online Database.

(NGian/GS)