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In November 2017, the Consumer Price Index increased by 0,10 units to 99,44 units compared to 99,34 units in October 2017. Compared to November 2016, CPI is increased by 0,3% while for the period January - November 2017, CPI is increased by 0,6% compared to the corresponding period of the previous year. (Table 1)

In the twelve-month period from December 2016 to November 2017, in comparison to the period from December 2015 to November 2016, the annual average rate of change of the CPI was 0,6%. The corresponding annual average rate of change of the CPI in the previous twelve month period was -1,5%.

As regards the economic origin, the largest changes were recorded in Petroleum Products (4,2%) and  Electricity (2,9%) when compared to the Index of November 2016. (Table 2)

Analysis of changes

Compared to November 2016, increase was noted in Housing, Water, Electricity, Gas and Other Fuels (2,1%) while decrease was monitored in Alcoholic Beverages and Tobacco (-2,8%) and Furnishings, Household Equipment and Routine Maintenance of the House (-2,0%). (Table 1)

In comparison to the CPI of October 2017, increase was recorded in Clothing and Footwear (1,5%). (Table 1)

For the period January – November 2017, compared to the corresponding period of the previous year, the largest positive change was noted in Housing, Water, Electricity, Gas and Other Fuels (5,6%). Decrease was recorded in Alcoholic Beverages and Tobacco (-2,3%). (Table 1)

Analysis of effects

The categories with the largest positive effect on the change of the CPI of November 2017 when compared to November 2016 were the following: Housing, Water, Electricity, Gas and Other Fuels (0,25) and Transport (0,22). The category Household Equipment and Routine Maintenance of the House (-0,14) had a negative effect. (Table 3)

The category with the largest positive effect on the change of the CPI compared to the previous month, was the Clothing and Footwear (0,13). (Table 3)

Vegetables (0,24) and petroleum products (0,19) had the most notable positive effect on the change of the CPI of November 2017 compared to November 2016, whereas potatoes (-0,11) and cleaning and maintenance products (-0,07) had the biggest negative effect. (Table 4)

Finally, clothing (0,11) had the most positive effect on the change of the CPI of November 2017 compared to the previous month. (Table 5)

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 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).

Base year

The index reference period was 2005=100 for the period between February 2006 and December 2015. From February 2016 and onwards, the base year is 2015=100.

Source: http://www.cyprus.gov.cy/moi/pio/pio2013.nsf/All/CEF9320C675B316CC22581F000277894?OpenDocument&L=E