Press Releases

Inflation -0,3%

In February 2018, the Consumer Price Index (CPI) increased by 0,74 units to 98,56 units compared to 97,82 units in January 2018. Compared to February 2017, CPI is decreased by 0,3% while for the period January - February 2018, CPI is decreased by 0,5% compared to the corresponding period of the previous year. (Table 1)

In the twelve-month period from March 2017 to February 2018, in comparison to the period from March 2016 to February 2017, the annual average rate of change of the CPI was 0,3%. The corresponding annual average rate of change of the CPI in the previous twelve month period was -0,9%. 

As regards the economic origin, the largest change was recorded in Agricultural goods with a decrease of -9,7% when compared to the index of February 2017, while in comparison to the index of the previous month an  increase of 3,8% was observed.  (Table 2)

Analysis of changes

Compared to February 2017, the largest change was noted in Food and Non-Alcoholic Beverages (-4,3%), whereas an increase was recorded in Transport (3,1%). (Table 1)

In comparison to the CPI of January 2018, an increase was noted in Clothing and Footwear (6,5%). (Table 1)

For the period between January-February 2018, compared to the corresponding period of the previous year, the largest negative change was noted in Food and Non-Alcoholic Beverages (-5,0%), while an increase was recorded in Transport (2,4%). (Table 1)

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.

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.

Further information

Constandia Papageorgiou: Tel: +35722602116, Email: cpapageorgiou@cystat.mof.gov.cy

Andri Eftychiou: Τel: +35725878595, Email: aeftychiou@cystat.mof.gov.cy

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AH/SCH