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In September 2019, the Consumer Price Index increased by 0,57 units and reached 100,89 units compared to 100,32 units in August 2019. Compared to September 2018, the CPI decreased by 0,9%. (Table 1)

In the twelve-month period from October 2018 to September 2019, in comparison to the period from October 2017 to September 2018, the annual average rate of change of the CPI was 0,9%, while during the corresponding previous twelve-month period the CPI increased by 0,8%.

Comparing to the index of September 2018, the largest change in economic origin was recorded in Petroleum products (-10,1%), while in comparison to the index of the previous month, the largest change was noted in Electricity with a percentage of 3,4%. (Table 2)

Analysis of changes

Compared to September 2018, the category Transport recorded the largest change with a percentage of -4,9%. (Table 1)

In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear (10%). (Table 1)

For the period between January – September 2019, compared to the corresponding period of the previous year, the largest change was recorded in Housing, Water, Electricity, Gas and Other Fuels (4,9%).  (Table 1)

Analysis of effects

Compared to September 2018, the category Transport had the largest effect (-0,76) on the change of the CPI. (Table 3)

The category Clothing and Footwear had the largest positive effect (0,65) on the change of the CPI compared to the previous month, while Transport had the biggest negative effect (-0,52). (Table 3)

Petroleum products had the most notable effect (-0,87) on the change of the CPI of September 2019 compared to September 2018. (Table 4)

Finally, clothing had the largest positive effect of 0,47 units on the change of the CPI of September 2019 compared to the previous month, while air tickets had the biggest negative effect of 0,39 units. (Table 5)

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 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/SCH)