Did you know that...
At national level:
- The inflation rate for 2020 was -0.6%?
- During the first 6 months of 2021, the prices of oil and electricity have had the largest positive effect on the change of inflation?
At EU level:
- The lowest average annual inflation rates in 2020 were recorded in Greece, Cyprus and Estonia?
- Consumer prices of food and non-alcoholic beverages rose the most in 2020, by an average of 2.5 % in the EU?
We know because you told us!
The above statistics as well as other useful information, are produced by the data collected through the Consumer Price Index (statistics at national level) and the Harmonised Index of Consumer Prices (statistics comparable in the EU).
Why is the National Consumer Price Index and Harmonised Consumer Price Index important?
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 Harmonised Consumer Price Index (HICP) is 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 EU regulations and therefore, its results are comparable among member states of the EU.
The inflation rate and the price level in general and in particular for specific categories of goods and services, are among the most widely used indicators in assessing the performance of the economy or for anticipating future developments. Therefore, statistics regarding consumer price indices are considered crucial in a country's economy and therefore its future.
Where can I find the National Consumer Price Index and Harmonised Consumer Price Index results?
More information:
- Consumer Price Index and Harmonised Consumer Price Index Quality Report