Government of the Republic of Cyprus

07/11/2017 | Press release | Distributed by Public on 07/11/2017 03:33

Annual rate of change 0,9% to the Harmonized Price Index for June 2017

11/07/2017 12:08
Annual rate of change 0,9% to the Harmonized Price Index for June 2017

In June 2017, the Harmonized Price Index (HICP) increased by 0,9% when compared to June 2016, while compared to May of 2017 increased by 0,3%. For the period between January and June 2017 the HICP recorded an increase of 1,2% compared to the corresponding period of the previous year. (Table 1)

Note: The HICP in Euro area for the last month is based on EUROSTAT estimation (flash estimate).

Compared to June 2016, Housing, Water, Electricity, Gas and Other Fuels was the category with the biggest change (10,4%). (Table 1)

In comparison to HICP of May 2017, the category with the largest increase was the Restaurant and Hotels (4,1%) whereas decrease was observed in Food and Non-Alcoholic Beverages (-2,3%). (Table 1)

For the period between January and June 2017, compared to the corresponding period of the previous year, the largest change was noted in Housing, Water, Electricity, Gas and Other Fuels (9,0%). (Table 1)

As regards to the economic origin, the largest change was observed in Energy with an increase of 9,2% when compared to the index of June 2016. (Table 2)

Table 1
Categories of Goods and Services

HICP(2015=100)

Change (%)

May 2017

June 2017

June 17 / June 16

June 17 / May 17

Jan-June 17 /
Jan-June 16

Food and Non-Alcoholic Beverages

100,23

97,91

-0,2

-2,3

1,8

Alcoholic Beverages, Tobacco

99,05

99,02

-1,8

0,0

-2,0

Clothing and Footwear

106,72

106,11

-0,9

-0,6

-0,7

Housing, Water, Electricity, Gas and Other Fuels

100,12

100,13

10,4

0,0

9,0

Furnishings, Household Equipment and Routine Maintenance of the House

98,55

98,65

-0,3

0,1

-1,4

Health

101,74

101,74

0,7

0,0

0,8

Transport

93,57

93,18

-1,3

-0,4

2,8

Communication

97,69

97,44

-1,6

-0,3

-1,9

Recreation and Culture

99,76

99,45

0,7

-0,3

0,9

Education

100,74

100,74

0,5

0,0

0,5

Restaurants and Hotels

102,50

106,73

3,4

4,1

1,5

Miscellaneous Goods and Services

99,30

99,87

0,4

0,6

0,1

General Harmonised Consumer Price Index

99,92

100,19

0,9

0,3

1,2


Table 2
Economic Origin

Weights

Change (%)

June 17/

June 16

June 17/

May 17
General HICP

1000

0,9

0,3

Energy

74,60

9,2

-1,7

Food-Alcoholic Beverages-Tobacco

250,35

-0,7

-1,7

Non Energy Industrial Goods

214,78

-0,6

-0,1

Services

460,27

1,1

1,8

METHODOLOGICAL NOTES

Definitions

The Harmonized Price Index (HICP) an economic indicator constructed to measure the changes of prices over time of consumer goods and services acquired, used or paid by households and tourists within the economic territory of the country. The HICP is calculated according to a harmonized approach and methodology laid down by a series of regulations of EU.

The annual change shows the change of the HICP 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 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). The collected prices are those actually paid by consumers for the purchase of specific goods and services, and they include various taxes, such as the Value Added Tax and excise duties. For the calculation of the Index end-of-season sales prices are taken into account as well as special offer prices which are available for the general public and have no restrictions.

Weights

The weight of the HICP goods and services are calculated based on consumption expenditure (of both households and tourists) incurred in the economic territory of the country. Up to 2011, the main source for the consumption expenditures was the Household Budget Survey, while from 2012 and onwards, data from the National Accounts are utilized satisfying relevant Eurostat's Regulation(No 1114/2010).

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 HICP. 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, E-mail: [email protected]
Andri Eftychiou, tel.: +35725878595, E-mail: [email protected]

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