Consumer_Price_Index-December 17-EN-040118.pdf

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Jan 4, 2018 - of -9,2% and -5,5% when compared to the index of December 2016 .... of the effects of the categories with
 

 

 

 

 

STATISTICAL SERVICE OF CYPRUS 1444 NICOSIA

REPUBLIC OF CYPRUS

MINISTRY OF FINANCE

4th January, 2018

PRESS RELEASE CONSUMER PRICE INDEX (CPI): DECEMBER 2017 Inflation -0,6% In December 2017, the Consumer Price Index decreased by 0,41 units to 99,03 units compared to 99,44 units in November 2017. Compared to December 2016, CPI is decreased by 0,6% while for the period January - December 2017, CPI is increased by 0,5% compared to the corresponding period of the previous year. (Table 1)

As regards the economic origin, the largest change was recorded in Agricultural goods with a decrease of -9,2% and -5,5% when compared to the index of December 2016 and November 2017 respectively. (Table 2)

Address:  Michalakis Karaolis  Str., 1444 Nicosia, Cyprus  Tel.:  22 602129,  Fax No.: 22 661313, E‐mail:  [email protected]  Web site: http://www.cystat.gov.cy 

 

Analysis of changes Compared to December 2016, the largest change was noted in Food and Non-Alcoholic Beverages (-4,3%). (Table 1) In comparison to the CPI of November 2017, decrease was recorded in Food and Non-Alcoholic Beverages (-2,5%). (Table 1) For the period January – December 2017, compared to the corresponding period of the previous year, the largest positive change was noted in Housing, Water, Electricity, Gas and Other Fuels (5,1%). Decrease was recorded in Alcoholic Beverages and Tobacco (-2,2%). (Table 1) Analysis of effects The categories with the largest negative effect on the change of the CPI of December 2017 when compared to December 2016 was the Food and Non-Alcoholic Beverages (-0,70). (Table 3) The category with the largest negative effect on the change of the CPI compared to the previous month, was the Food and Non-Alcoholic Beverages (-0,40). (Table 3) Vegetables (-0,44) had the most notable negative effect on the change of the CPI of December 2017 compared to December 2016, whereas petroleum products (0,19) had the biggest positive effect. (Table 4) Finally, vegetables (-0,27) had the most negative effect on the change of the CPI of December 2017 compared to the previous month. (Table 5)

Table 1 Categories of Goods and Services

CPI (2015=100)

Change (%)

Nov 2017

Dec 2017

Dec 17/ Dec 16

Dec 17/ Nov 17

Jan - Dec 17/ Jan - Dec 16

98,92

96,47

-4,28

-2,48

-0,29

98,44

98,02

-0,78

-0,43

-2,20

106,14

106,26

0,63

0,11

-0,56

99,17

98,97

0,68

-0,20

5,14

96,44

96,40

-1,27

-0,04

-1,77

102,29

102,28

0,84

-0,01

0,82

Transport

96,43

96,81

1,22

0,39

1,45

Communication

97,29

97,24

-1,59

-0,05

-1,76

Recreation and Culture

98,42

98,40

-1,14

-0,02

-0,09

Education

101,91

101,91

1,15

0,00

0,68

Restaurants and Hotels

101,15

101,12

0,89

-0,03

0,82

99,32

98,93

-1,31

-0,39

-0,87

99,44

99,03

-0,58

-0,41

0,54

Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing and Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health

Miscellaneous Goods and Services General Consumer Price Index

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Table 2 Change (%) Economic Origin

Weights

Dec 17/ Dec 16

Dec 17/ Nov 17

10000

-0,58

-0,41

655

-9,21

-5,47

4195

-0,71

-0,20

Electricity

319

-3,16

-1,48

Petroleum products

550

4,36

0,95

57

0,00

0,00

4224

0,48

0,05

General Index Agricultural goods Industrial goods (excl. petroleum products)

Water Services

Table 3 Effect (units) Categories of Goods and Services

Weights

Dec 17/ Dec 16

Dec 17/ Nov 17

1615

-0,70

-0,40

Alcoholic Beverages and Tobacco

213

-0,02

-0,01

Clothing and Footwear

848

0,06

0,01

Housing, Water, Electricity, Gas and Other Fuels

1230

0,08

-0,02

Furnishings, Household Equipment and Routine Maintenance of the House

750

-0,09

0,00

Health

660

0,06

0,00

1516

0,18

0,06

Communication

439

-0,07

0,00

Recreation and Culture

645

-0,07

0,00

Education

369

0,04

0,00

Restaurants and Hotels

838

0,07

0,00

Miscellaneous Goods and Services

877

-0,11

-0,03

General Consumer Price Index

10000

-0,58

-0,41

Food and Non-Alcoholic Beverages

Transport

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.

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Table 4 Effect (units) Goods/Services Dec 17/ Dec 16 Positive effect Petroleum products

0,19

Negative effect Vegetables

-0,44

Potatoes

-0,10

Electricity

-0,09

Other goods and services

-0,14

TOTAL

-0,58

Note: Petroleum products include liquid fuels (domestic heating and lighting oils) and fuels for personal transport.

Table 5 Effect (units) Goods/Services Dec 17 / Nov 17 Positive effect Petroleum products

0,05

Negative effect Vegetables

-0,27

Meat

-0,06

Other goods and services

-0,13

TOTAL

-0,41

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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 850 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.

Further information Constandia Papageorgiou: Tel: +35722602116, Email: [email protected] Andri Eftychiou: Τel: +35725878595, Email: [email protected]

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