Consumer Price Index Increased in December 2021 - What is the 2020 Price Index

The Harmonized Index of Consumer Prices in December 2021 increased by 4,8% compared to December 2020, while compared to the previous month it decreased by 0,3%. For the period January - December 2021, there was an increase of 2,3% compared to the corresponding period last year. (Table 1)

 Note: The Eurozone HICP for the last month is based on an EUROSTAT (flash estimate) estimate.

Compared to December 2020, the categories Housing, Water Supply, Electricity and LPG and Μεταφορές presented the largest changes with percentages of 15,8% and 13,7% respectively. (Table 1)

Compared to November 2021, the largest change was recorded in the category Food and non-alcoholic beverages (-0,8%). (Table 1)

For the period January - December 2021 compared to the corresponding period last year, the largest change was observed in the category Μεταφορές (8,6%). (Table 1)

The largest change in the economic categories compared to both December 2020 and the previous month was observed in the category Energy with percentages of 28,0% and -1,6% respectively. (Table 2)

Table 1
Categories of Goods and Services	HICP (2015 = 100)		Changes (%)
	November 2021	December 2021	Dec 21 / Dec 20	Dec 21 / Nov 21	Jan - Dec 21 / Jan - Dec 20
Food and non-alcoholic beverages	103,36	102,57	1,1	-0,8	0,0
Alcoholic Beverages and Tobacco	95,71	95,31	0,3	-0,4	-0,7
Clothing and Footwear	105,61	105,56	3,2	0,0	2,1
Housing, Water Supply, Electricity and LPG	121,78	121,19	15,8	-0,5	7,4
Furniture, Household Equipment and Cleaning Products	95,78	96,45	2,3	0,7	0,6
Health	103,42	103,45	1,0	0,0	0,7
Μεταφορές	104,76	104,28	13,7	-0,5	8,6
Communications	94,00	94,01	0,1	0,0	-1,3
Leisure and Culture	106,04	106,15	2,2	0,1	2,1
Education	106,13	106,13	0,6	0,0	0,3
Restaurants and Hotels	103,38	102,80	3,3	-0,6	0,4
Other Goods and Services	101,34	101,36	1,3	0,0	0,7
General Harmonized CPI	104,37	104,04	4,8	-0,3	2,3

 

 

Table 2
Economic Categories	Credits Weighting	Μchanges (%)
		Dec 21 / Dec 20	Dec 21 / Nov 21
General In.ΔPostcode	1000	4,8	-0,3
Energy	84,01	28,0	-1,6
Food-Alcoholic Beverages-Tobacco	236,04	0,9	-0,7
Non-energy industrial products	219,83	3,2	0,2
Services	460,13	2,9	-0,1

Note: The individual weights are calculated in infinite decimal places and are published by rounding to two decimal places. The difference in sum is due to a rounding error.  

METHODOLOGICAL INFORMATION

Definitions

Ο Harmonized Consumer Price Index (HICP) is an economic indicator compiled to measure changes over time in the prices of consumer goods and services acquired, used or paid for by households and tourists within the economic territory of the country. The HICP is calculated according to a harmonized approach and methodology as defined by the EU with a series of relevant Regulations.

Η Annual change shows the change in the HICP in relation to the corresponding month of the previous year.

Products / Services

With effect from January 2018, the products contained in the HICP have been revised. The revision was based on the results of the Family Budget Survey 2015/2016. More information is available in the file "Consumer Price Index" which is posted on the website of the Statistical Service in the statistical topic "Economy / Consumer Price Index", in the section Methodology.

Invoicing

Billing is carried out only in the urban areas of the provinces of Nicosia, Larnaca, Limassol and Paphos. For each city the fluctuations of prices per product each month are weighted according to the population. Specifically, the weighting rates for the four provinces are the following: Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 10%.

The prices of 805 items (goods and services) are recorded once a month, except for some seasonal products (eg vegetables and fruits), meat and fuel, the prices of which are collected every week (every Thursday). The prices collected are prices actually paid by consumers, including various taxes (VAT, excise taxes). The prices of the sell-offs as well as the prices of other offers are taken into account in the calculation of the Index, as long as they are generally valid and are not subject to conditions.

Weighting factors of the items

HICP item weights are calculated based on consumer spending (households and tourists) incurred in the country's economic territory. Until 2011 the main source for consumer spending was the Family Budget Survey, while since 2012 and based on a regulation of the European Statistical Office (No 1114/2010) mainly data from the National Accounts are utilized.

Base year

The base year from January 2006 to December 2015 was 2005 = 100. From January 2016, the reference year is 2015 = 100.

Sorting

Until December 2015, the HICP was calculated and published based on the COICOP4 classification which defines the product category up to four digits. From January 2016, the HICP is calculated and published based on the ECOICOP classification following a relevant regulation of the European Statistical Office. Therefore, the lowest level of detail for the classification used is the five digits.

With the publication of February 2019, the Statistical Service of Cyprus publishes the financial categories of the HICP as calculated from more detailed data.

Methodological change

By directive of the European Statistical Office for compliance with Regulation no. 330/2009, from January 2021 a new way of calculating the index of fresh fruits and vegetables has been implemented. The general HICP for December 2021, with the index of fresh fruits and vegetables as estimated until 2020, would amount to 103,92 points and inflation to 4,7%.

For more information:

Statistical Service Portal, sub-index Price Indices
CYSTAT-DB (Database)
Predefined Tables (Excel)

The Predefined Tables will be available in Excel format until December 2021. Thereafter, the data will only be updated in the CYSTAT-DB Database.

Contact

Konstantia Papageorgiou: Tel: +35722602116, E-mail: cpapageorgiou@cystat.mof.gov.cy