Consumer price index (CPI) for May 2016
Inflation -2,1%
The Consumer Price Index for May 2016, increased by 0,61 units to 98,66 units compared to 98,05 units in April 2016. When compared to May 2015, CPI is reduced by 2,1% while for the period between January and May 2016, CPI is decreased by 2,2% compared to the corresponding period of the previous year. (Table 1)
In the twelve-month period from June 2015 to May 2016, in comparison to the period from June 2014 to May 2015, the annual average rate of change of the CPI was -2,3%. The corresponding annual average rate of change of the CPI in the previous year was -1,2%.
As regards the economic origin, the largest change compared to the index of May 2015, was observed in Electricity, which was decreased by 20,4%. In relation to the index of the previous month, the biggest change was observed in Agricultural Goods with an increase of 5,1%. (Table 2).
Analysis of changes
Compared to May 2015, the categories with the biggest negative changes were the following: Housing, water, electricity, gas and other fuels (-6,9%) and Transport (-6,9%), whereas the category with the greatest increase was the Clothing and footwear (1,5%). (Table 1)
In comparison to the CPI of April 2016, the category with largest positive change was the Food and non-alcoholic beverages (2,4%) while decrease was observed in Communication (-1,1%). (Table 1).
For the period between January-May 2016, compared to the corresponding period of the previous year, the largest negative changes were noted in: Housing, water, electricity, gas and other fuels (-7,8%), Transport (-5,5%) and Food and non-alcoholic beverages (-3,3%). On the other hand, the greatest positive change was recorded in Clothing and Footwear (2,0%). (Table 1).
Analysis of effects
The categories with the most remarkable negative effect on the change of the CPI when compared to May 2015 were the following: Transport (-1,07), Housing, water, electricity, gas and other fuels (-0,84) and Food and non-alcoholic beverages (-0,24), while the category with the biggest positive effect was the Clothing and footwear (0,14). (Table 3).
The category with the largest positive effect on the change of the CPI compared to the previous month, was the Food and non-alcoholic beverages (0,37), while the largest negative effect was observed in Communications (-0,05). (Table 3).
The following products/services had the most notable negative effect on the change of the CPI of May 2016 compared to the Index of May 2015: petroleum products (-0,69), electricity (-0,63) and airtickets (-0,53), while clothing (0,14) had the largest positive effect. (Table 4).
Finally, the products with the most positive effect on the change of the CPI of May 2016 compared to the index of the previous month were the fruits (0,25), petroleum products (0,11) and electricity (0,11), while mobile telephony (-0,04) had negative effect. (Table 5).
| Table 1 | |||||
| Categories of Goods and Services |
CPI (2015=100)
|
Change (%)
| |||
Apr 2016
|
May 2016
|
May 16/ May 15
|
May 16/ Apr 16
|
Jan-May 16/ Jan-May 15
| |
| Food and non-alcoholic beverages |
96,09
|
98,40
|
-1,46
|
2,40
|
-3,26
|
| Alcoholic beverages, tobacco |
101,63
|
102,43
|
1,50
|
0,79
|
1,52
|
| Clothing and footwear |
106,72
|
106,63
|
1,53
|
-0,08
|
1,99
|
| Housing, water, electricity, gas and other fuels |
91,94
|
92,95
|
-6,85
|
1,10
|
-7,77
|
| Furnishings, household equipment and routine maintenance of the house |
99,32
|
99,56
|
-1,16
|
0,24
|
-0,59
|
| Health |
100,97
|
100,97
|
0,80
|
0,00
|
0,64
|
| Transport |
94,17
|
94,98
|
-6,89
|
0,86
|
-5,54
|
| Communication |
100,10
|
99,05
|
-0,73
|
-1,05
|
-0,15
|
| Recreation and culture |
98,97
|
98,81
|
-1,53
|
-0,16
|
-1,26
|
| Education |
100,23
|
100,23
|
0,32
|
0,00
|
0,32
|
| Restaurants and hotels |
99,99
|
100,25
|
0,15
|
0,26
|
0,39
|
| Miscellaneous goods and services |
99,98
|
99,90
|
-0,45
|
-0,08
|
-0,20
|
| General Consumer Price Index |
98,05
|
98,66
|
-2,13
|
0,62
|
-2,21
|
| Table 2 | |||
| Economic Origin |
Weights
|
Change (%)
| |
May 16/ May 15
|
May 16/ Apr 16
| ||
| General Index |
10000
|
-2,14
|
0,62
|
| Agricultural goods |
655
|
-2,27
|
5,07
|
| Industrial goods (excl. petroleum products) |
4195
|
-0,21
|
0,16
|
| Electricity |
319
|
-20,39
|
4,70
|
| Petroleum products |
550
|
-12,75
|
2,22
|
| Water |
57
|
0,00
|
0,00
|
| Services |
4224
|
-1,28
|
0,03
|
| Table 3 | |||
| Categories of Goods and Services |
Weights
|
Effect (units)
| |
May 16/ May 15
|
May 16/ Apr 16
| ||
| Food and non-alcoholic beverages |
1615
|
-0,24
|
0,37
|
| Alcoholic beverages, tobacco |
213
|
0,03
|
0,02
|
| Clothing and footwear |
848
|
0,14
|
-0,01
|
| Housing, water, electricity, gas and other fuels |
1230
|
-0,84
|
0,13
|
| Furnishings, household equipment and routine maintenance of the house |
750
|
-0,09
|
0,02
|
| Health |
660
|
0,05
|
0,00
|
| Transport |
1516
|
-1,07
|
0,12
|
| Communication |
439
|
-0,03
|
-0,05
|
| Recreation and culture |
645
|
-0,10
|
-0,01
|
| Education |
369
|
0,01
|
0,00
|
| Restaurants and hotels |
838
|
0,01
|
0,02
|
| Miscellaneous goods and services |
877
|
-0,04
|
-0,01
|
| General Consumer Price Index |
10000
|
-2,15
|
0,61
|
| 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. | |||
| Table 4 | |
| Goods/Services |
Effect (units)
|
May 16/ May 15
| |
| Positive effect |  |
| Clothing |
0,14
|
| Vegetables |
0,06
|
| Negative effect | |
| Petroleum products |
-0,69
|
| Electricity |
-0,63
|
| Airtickets |
-0,53
|
| Meat |
-0,08
|
| Fruits |
-0,08
|
| Second-hand cars |
-0,06
|
| Other goods and services |
-0,28
|
| TOTAL |
-2,15
|
| Table 5 | |
| Goods/Services |
Effect (units)
|
May 16/ Apr 16
| |
| Positive effect | |
| Fruits |
0,25
|
| Petroleum products |
0,11
|
| Electricity |
0,11
|
| Vegetables |
0,04
|
| Other goods and services |
0,14
|
| Negative effect | |
| Mobile telephony |
-0,04
|
| TOTAL |
0,61
|
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 areas 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 the following: 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: cpapageorgiou@cystat.mof.gov.cy
Andri Eftychiou: Τel: +35725878595, Email: aeftychiou@cystat.mof.gov.cy
