Analytically the changes and the effects in units
At high levels, although reduced compared to the previous month, inflation rose in September. Specifically, it amounted to 4.1%. The increase in energy prices had the biggest impact this month on the increase in prices compared to the corresponding month of 2020.
Specifically, according to the Statistical Service of Cyprus, the Consumer Price Index in September 2021 decreased by 0.06 points and reached 104.03 points compared to 104.09 points in August 2021. Inflation in September 2021 increased at a rate of 4, 1%, while in August 2021 it had risen to 5%.
For the period January-September 2021, the CPI increased by 1.8% compared to the corresponding period last year.
The largest changes in the economic categories compared to September 2020 were recorded in Electricity with a percentage of 39.4% and in Petroleum with a percentage of 21.1%. Compared to the previous month, the category Agricultural Products showed the largest change with a percentage of -8.7%.
Analysis of percentage changes
Compared to September 2020, the largest changes were observed in the categories Housing, Water, Electricity and LPG (14.6%) and Transport (11.6%).
Compared to August 2021, the largest change was recorded in the category Clothing and Footwear (9.7%).
For the period January – September 2021 compared to the corresponding period last year, the largest positive change was presented in the category Transport (6.7%), while the largest negative change was observed in the category Communications (-1.8%).
Impact analysis in units
The biggest impact on the change of the CPI of September 2021 compared to September 2020 had the categories Transport (1.64) and Housing, Water, Electricity and LPG (1.63).
The largest negative impact on the change of the CPI compared to the previous month had the category Food and Non-Alcoholic Beverages (-0.82) and the largest positive impact had the category Clothing and Footwear (0.65).
The largest impact on the change in the CPI of September 2021 compared to the index of September 2020 had petroleum products (1.49) and electricity (1.07). (Table 4)
Finally, fresh vegetables (-0.49) and fresh fruit (-0.36) had the largest negative effect on the change in the CPI of September 2021 compared to the corresponding index of the previous month, while clothing had a positive effect ( 0.48) and footwear (0.17).
source: Economy Today