May 3, 2018 - increase of 2,9% was observed in Agricultural goods. .... calculated on the basis of the effects of the ca
STATISTICAL SERVICE OF CYPRUS 1444 NICOSIA
REPUBLIC OF CYPRUS
MINISTRY OF FINANCE
3 May, 2018 rd
PRESS RELEASE CONSUMER PRICE INDEX (CPI): APRIL 2018 Inflation -0,1% In April 2018, the Consumer Price Index increased by 0,60 units to 99,87 units compared to 99,27 units in March 2018. Compared to April 2017, the CPI is decreased by 0,1% while for the period January - April 2018, the CPI is decreased by 0,4% compared to the corresponding period of the previous year. (Table 1) In the twelve-month period from May 2017 to April 2018, in comparison to the period from May 2016 to April 2017, the annual average rate of change of the CPI was -0,1%. The corresponding annual average rate of change of the CPI in the previous twelve month period was -0,2%.
As regards the economic origin, the largest change, when compared to the index of April 2017, was recorded in Electricity with a decrease of -5,5%. In comparison to the index of the previous month, an increase of 2,9% was observed in Agricultural goods. (Table 2)
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Analysis of changes Compared to April 2017, the largest negative change was noted in Alcoholic Beverages and Tobacco (-2,0%). (Table 1) In comparison to the CPI of March 2018, an increase was noted in Clothing and Footwear (3,9%). (Table 1) For the period between January-April 2018, compared to the corresponding period of the previous year, the largest negative change was noted in Food and Non-Alcoholic Beverages (-3,3%), while an increase was recorded in Transport (2,4%). (Table 1) Analysis of effects The category with the largest effect on the change of the CPI of April 2018 compared to the previous month, was the Clothing and Footwear (0,28). (Table 3) The products/services with the most notable effect on the change of the CPI of April 2018 compared to the previous month were the following: vegetables (0,27), footwear (0,16) and clothing (0,11). (Table 4)
Table 1 Categories of Goods and Services
Change (%)
CPI (2015=100) Mar 2018
Apr 2018
Apr 18/ Apr 17
Apr 18/ Mar 18
Jan- Apr 18/ Jan- Apr 17
Food and Non-Alcoholic Beverages
98,25
98,88
-0,22
0,64
-3,28
Alcoholic Beverages and Tobacco
97,50
97,37
-2,03
-0,13
-1,87
Clothing and Footwear
99,22
103,05
-1,65
3,86
-2,29
100,58
101,32
-0,33
0,74
0,12
95,80
96,54
-1,71
0,77
-1,84
101,87
101,87
0,21
0,00
0,42
Transport
98,76
99,36
1,77
0,61
2,39
Communication
97,30
97,27
-0,38
-0,03
-0,63
Recreation and Culture
99,49
99,50
0,03
0,01
0,08
Education
103,09
103,09
2,32
0,00
2,32
Restaurants and Hotels
101,66
101,92
1,07
0,26
0,97
Miscellaneous Goods and Services
98,98
98,60
-1,23
-0,38
-0,54
General Consumer Price Index
99,27
99,87
-0,14
0,60
-0,41
Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health
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Table 2 Change (%) Economic Origin
Weights
Apr 18/ Apr 17
Apr 18/ Mar 18
10000
-0,14
0,60
655
-1,14
2,90
4195
-1,20
0,53
Electricity
319
-5,53
1,89
Petroleum products
550
1,49
0,68
57
-2,78
0,00
4224
1,25
0,18
General Index Agricultural goods Industrial goods (excl. petroleum products)
Water Services
Table 3 Effect (units) Categories of Goods and Services
Weights
Food and non-alcoholic beverages
Apr 18/ Mar 18
1906
0,12
Alcoholic beverages, tobacco
347
0,00
Clothing and footwear
721
0,28
Housing, water, electricity, gas and other fuels
1119
0,08
Furnishings, household equipment and routine maintenance of the house
644
0,05
Health
637
0,00
1524
0,09
Communication
439
0,00
Recreation and culture
575
0,00
Education
392
0,00
Restaurants and hotels
836
0,02
Miscellaneous goods and services
860
-0,03
Transport
General Consumer Price Index
10000
0,60
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 Apr 18/ Mar 18 Positive effect Vegetables
0,27
Footwear
0,16
Clothing
0,11
Electricity
0,06
Petroleum products
0,06
Negative effect Other goods and services
-0,06
TOTAL
0,60
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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 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:
[email protected] Andri Eftychiou: Τel: +35725878595, Email:
[email protected]
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