Consumer Price Index (CPI): November 2024
05/12/24 16:09 | Press release | Economy and Finance
Inflation 1,5%
The Consumer Price Index (CPI) in November 2024 decreased by 0,43 points, reaching 118,21 units compared to 118,64 units in October 2024. Inflation in November 2024 increased at a rate of 1,5% (Table 1).
For the period January-November 2024, the Consumer Price Index (CPI) recorded an increase of 1,7% compared to the corresponding period of the previous year (Table 1).
The largest change in economic categories compared to November 2023 and the previous month was recorded in Agricultural Products, with a rate of 8,91% and -4,09%, respectively (Table 2).
Analysis of Percentage Changes
Compared to November 2023, the largest changes were observed in the categories Food and Non-Alcoholic Beverages (4,6%) and Restaurants and Hotels (4,2%) (Table 1).
Compared to October 2024, the most significant changes were recorded in the categories Food and Non-Alcoholic Beverages (-2,3%) and Clothing and Footwear (1,9%) (Table 1).
For the period January-November 2024, compared to the corresponding period of the previous year, the largest change was observed in the category Restaurants and Hotels (5,5%) (Table 1).
Analysis of Effects in Units
The most significant positive contribution to the change in the CPI for November 2024 compared to November 2023 came from the categories Food and Non-Alcoholic Beverages (1,05) and Restaurants and Hotels (0,44) (Table 3).
The largest negative contribution to the CPI changes for November 2024 compared to November 2023 was recorded in category Transport (-0,33) (Table 3).
The category Food and Non-Alcoholic Beverages had the most significant impact on the CPI change compared to the previous month (-0,55) (Table 3).
The most significant contributions to the CPI change in November 2024 compared to November 2023 were recorded in the categories Petroleum products (-0,58), Catering Services (0,43), and Potatoes (0,28) (Table 4).
Potatoes had the most significant positive impact on the CPI change for November 2024 compared to the previous month (0,18), while the category Fresh vegetables had the largest negative impact (-0,56) (Table 5).
| Table 1 | |||||
| Categories of Goods and Services | CPI (2015=100) | Change (%) | |||
| October 2024 | November 2024 | Nov 24 / Nov 23 | Nov 24 / Oct 24 | Jan- Nov 24 / Jan- Nov 23 | |
| Food and Non-Alcoholic Beverages | 127,85 | 124,96 | 4,63 | -2,26 | 2,96 |
| Alcoholic Beverages and Tobacco | 103,69 | 103,78 | 2,14 | 0,09 | 2,03 |
| Clothing and Footwear | 105,11 | 107,09 | -1,85 | 1,88 | -0,04 |
| Housing, Water, Electricity, Gas and Other Fuels | 145,74 | 146,08 | -0,48 | 0,23 | 1,16 |
| Furnishings, Household Equipment and Routine Maintenance of the House | 105,67 | 105,20 | 0,16 | -0,44 | -0,46 |
| Health | 106,95 | 106,96 | 1,44 | 0,01 | 1,23 |
| Transport | 113,83 | 114,08 | -1,84 | 0,22 | -0,63 |
| Communication | 91,62 | 91,55 | 0,25 | -0,08 | 0,55 |
| Recreation and Culture | 116,57 | 116,60 | 3,30 | 0,03 | 2,17 |
| Education | 116,18 | 116,18 | 3,82 | 0,00 | 2,72 |
| Restaurants and Hotels | 130,04 | 129,76 | 4,22 | -0,22 | 5,53 |
| Miscellaneous Goods and Services | 112,44 | 111,94 | 1,98 | -0,44 | 3,02 |
| General Consumer Price Index | 118,64 | 118,21 | 1,46 | -0,36 | 1,73 |
| Table 2 | |||
| Economic Origin | Weights | Change (%) | |
| Nov 24 / Nov 23 | Nov 24 / Oct 24 | ||
| Agricultural goods | 749 | 8,91 | -4,09 |
| Industrial goods (excl. petroleum products) | 4021 | 0,71 | -0,13 |
| Electricity | 316 | -4,19 | 0,15 |
| Petroleum products | 871 | -5,17 | 0,42 |
| Water | 72 | 0,00 | 0,00 |
| Services | 3971 | 3,01 | 0,02 |
| General Index | 10000 | 1,46 | -0,36 |
| Table 5 | |
| Goods/Services | Effect (units) |
| Nov 24/ Oct 24 | |
| Positive effect | |
| Potatoes | 0,18 |
| Clothing | 0,09 |
| Footwear | 0,05 |
| Negative effect | |
| Fresh vegetables | -0,56 |
| Fresh fruits | -0,09 |
| TOTAL | -0,42 |
Methodological Information
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 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 805 goods and services are recorded once every month, except for some seasonal products (e.g. vegetables and fruit), 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 January 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.
For more information, visit the CYSTAT Portal, subtheme Price Indices, CYSTAT-DB (Online Database), Predefined Tables (Excel), Methodological Information or contact Mr Sofronis Vikis at 22602206 or via email at svikis@cystat.mof.gov.cy, or Mr Kyriakos Voutouris at 22605132 or via email at kvoutouris@cystat.mof.gov.cy, or Mr Filippos Kakoutsis at 22605149 or via email at fkakoutsis@cystat.mof.gov.cy.
The Predefined Tables, available in Excel format, are updated up to and including December 2021. More recent data are published only on the CYSTAT-DB Online Database.
(AP/GS)