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National reference metadata

Cyprus

Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.

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Harmonised index of consumer prices (HICP) (prc_hicp)

National Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency: Statistical Service of Cyprus — CYSTAT.

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The harmonised index of consumer prices (HICP) is a consumer price index (CPI) that is calculated according to a harmonised approach. It measures the change over time of the prices of consumer goods and services acquired by households (inflation).

Due to the common methodology, the HICPs of the countries and European aggregates can be directly compared.

22 August 2024

The main statistical variables are price indices.

The basic unit of statistical observation are prices for consumer products.

See next points.

See next points.

HICP is a monthly statistics.

Error can arise due to the various corrections and adjustments that are made to collected prices. However, effort is taken to continuously review the methods used and ensure the most appropriate methods are applied.

Clerical errors might also occur when prices are being recorded by the price interviewers. However, the developed excel files used by the price collectors for data entry, include automatic tolerance checks and alert the officers of any suspicious values. In addition, the data is subject to further verification and analysis. When unusual prices or price movements are detected, extra feedback on prices is requested to obtain additional explanatory information. Nevertheless, the size of any statistical error or bias associated with the HICP is considered to be small enough to be within the range of tolerance of most users.

The following units are used:

  • Index point
  • Percentage change on the same period of the previous year (rates);
  • Percentage change on the previous period (rates);
  • Percentage share of the total (weights).

See next points.

See next points.

Monthly.

The full set of HICPs is published each month according to a pre-announced schedule, usually between 15 and 18 days after the end of the reference month. Each year, the January news release is published at the end of February to allow for the annual update of the weights of individual product groups and the relative country weights of Members States in the country-group aggregates.

The euro area flash estimate is published on the last working day of the reference month or shortly after that.

HICPs across Member States aim to be comparable. Any differences at all levels of detail should only reflect differences in price changes or expenditure patterns.

To this end, concepts and methods have been harmonised by means of legislation. HICPs that deviate from these concepts and methods are deemed comparable if they result in an index that is estimated to differ systematically by less than or equal to 0.1 percentage points on average over one year against the previous year (Article 4 of Council and Parliament Regulation (EU) 2016/792).

HICP data are comparable and no revisions have been made. HICP’s main improvements are listed below:

2006 - Change of temporal coverage. The price collection in the HICP was extended to 3 weeks every month and for energy products and fruit and vegetables the collection was set to be carried out every week.

2011 - The method for the treatment of seasonal products in HICP (330/2009) changed the way clothing prices are treated.
2012 - The method for calculating the weights changed due to the implementation of regulation 1114/2010.  The impact was calculated and published on the website of CYSTAT every month throughout 2012.

2016 - The method for the treatment of airfares was brought into line with Eurostat guidelines.

2016 - The base year of the index changed to 2015=100 and ECOICOP classification was adopted.

2018 - The sample has been reviewed based on the latest HBS data (2015/2016).

2021 - The method for the treatment of fruits and vegetables in HICP was brought into line with Eurostat's Regulation (330/2009, repealed and replaced by Commission Implementing Regulation (EU) 1148/2020).

2021 - For the calculation of the weights of HICP in 2021, except from the National Accounts data, more sources were exploited following Eurostat's guidelines, in order to capture the impact of the covid crisis to the Household Final Monetary Consumption Expenditure.

Due to methodological changes, break in the series occurred in 2011, 2012 and 2016. More specifically, from the change on the method for the treatment is seasonal products in 2011 the index affected was the ECOICOP category 03 'Clothing and Footwear'. The methodological change of 2012 affected all the HICP indices, while in 2016 the change of the method for the treatment of airfares affected subcategory 07332. Finally, the change in 2021 affected subcategories 01161 Fresh fruits and 01171 Fresh vegetables.