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Cyprus records deflation for 39th straight month

By   /   06/10/2016  /   Comments Off on Cyprus records deflation for 39th straight month

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Nicosia, October 6, 2016/Independent Balkan News Agency

Cyprus recorded deflation for 39th straight month in September 2016, due to the reduction in electricity price, airfares and petrol, with deflationary pressures, however, remaining at the same low levels recorded in the previous two months.

The Statistical Service announced on Thursday that the Consumer Price Index for September 2016, increased by 0.51 units to 99.14 units compared to 98.63 units in August 2016.

Compared to September 2015, CPI was reduced by 0.5% while for the period between January and September 2016, CPI is also decreased by 1.6% compared to the corresponding period of the previous year.

In the twelve-month period from October 2015 to September 2016, the annual average rate of change of the CPI was -1.6%, in comparison to the period from October 2014 to September 2015, The corresponding annual average rate of change of the CPI in the previous year was -1.8%.

As regards to the economic origin, the largest change when compared to the index of September 2015 was observed in electricity with a decrease of 15.0%. When compared to August 2016 the largest change was recorded in agricultural goods with a decrease of 3.3%.

Analysis of changes

Compared to September 2015, the categories with the biggest negative changes were the following: housing, water, electricity, gas and other fuels (-4.5%) and transport (-3.8%), while food and non-alcoholic beverages recorded the greatest increase (3.3%).

In comparison to the CPI of August 2016, the category with largest increase was the clothing and footwear (9.0%) while the biggest negative changes were observed in food and non-alcoholic beverages (-0.9%) and transport (-0.9%).

For the period between January-September 2016, compared to the corresponding period of the previous year, the largest negative changes were recorded in housing, water, electricity, gas and other fuels (-6.7%) and transport (-5.7%). On the other hand, the greatest positive change was recorded in clothing and footwear (1.6%).

Analysis of effects

The categories with the largest negative effect on the change of the CPI of September 2016 when compared to September 2015 were transport (-0,57) and housing, water, electricity, gas and other fuels (-0.56). The category with the greatest positive effect was the food and non-alcoholic beverages (0.52).

The category with the largest positive effect on the change of the CPI compared to the previous month, was the clothing and footwear (0.69), while the largest negative effect was observed in food and non-alcoholic beverages (-0.15).

The following products/services had the most notable negative effect on the change of the CPI of September 2016 compared to the Index of September 2015: electricity (-0.49), airtickets (-0.37), and petroleum products (-0.27), while vegetables (0.39) had the largest positive effect.

Finally, the products with the most positive effect on the change of the CPI of September 2016 compared to the index of the previous month were the clothing (0.50) and footwear (0.19), while fruits (-0.28) and air tickets (-0.20) had negative effect.

Source: Cyprus News Agency

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