Government of the Republic of Cyprus

10/10/2017 | Press release | Distributed by Public on 10/10/2017 03:46

The Harmonized Price Index increased by 0,1% in September 2017

10/10/2017 12:13
The Harmonized Price Index increased by 0,1% in September 2017

In September 2017, the Harmonized Price Index increased by 0,1% when compared to September 2016, while compared to August of 2017 decreased by 0,8%. For the period January-September 2017 the HICP recorded an increase of 0,9% 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 September 2016, the category with the largest positive change was Restaurant and Hotels (3,6%). (Table 1)

In comparison to HICP of August 2017, the largest decrease was recorded in Transport (-4,6%) while the largest increase was monitored in Clothing and Footwear (8,7%). (Table 1)

For the period January-September 2017, compared to the corresponding period of the previous year, the largest change was noted in Housing, Water, Electricity, Gas and Other Fuels (7,6%). (Table 1)

As regards to the economic origin, the largest change was observed in Energy with an increase of 4,2% when compared to the index of September 2016. (Table 2)

Table 1
Categories of Goods and Services

HICP(2015=100)

Change (%)

Aug 2017

Sep 2017

Sep 17 / Sep 16

Sep 17 / Aug 17

Jan-Sep 17 /
Jan-Sep 16

Food and Non-Alcoholic Beverages

99,91

99,76

-2,4

-0,2

0,0

Alcoholic Beverages, Tobacco

97,93

98,90

-2,3

1,0

-2,2

Clothing and Footwear

89,76

97,57

-0,8

8,7

-0,8

Housing, Water, Electricity, Gas and Other Fuels

99,03

96,99

2,4

-2,1

7,6

Furnishings, Household Equipment and Routine Maintenance of the House

96,68

96,98

-2,4

0,3

-1,7

Health

102,37

102,37

1,1

0,0

0,8

Transport

98,98

94,47

1,3

-4,6

2,6

Communication

97,45

97,44

-1,4

0,0

-1,7

Recreation and Culture

98,49

97,93

-1,4

-0,6

0,0

Education

100,74

101,26

0,6

0,5

0,5

Restaurants and Hotels

112,99

109,88

3,6

-2,8

2,2

Miscellaneous Goods and Services

98,12

99,70

-0,4

1,6

-0,2

General Harmonised Consumer Price Index

101,22

100,45

0,1

-0,8

0,9

Table 2
Economic Origin

Weights

Change (%)

Sep 17/

Sep 16

Sep 17/

Aug 17
General HICP

1000

0,1

-0,8

Energy

74,60

4,2

-0,3

Food-Alcoholic Beverages-Tobacco

250,35

-2,4

0,2

Non Energy Industrial Goods

214,78

-1,2

2,8

Services

460,27

1,4

-2,7

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 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 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: Τel.: +35725878595, E-mail: [email protected]

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