Statistical Service of the Republic of Cyprus

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Methodological Note on the Industrial Output Prices Index

The monthly Industrial Output Prices Index reflects the evolution of prices of economic activities in the branches of mining and quarrying, manufacturing, electricity supply and water supply and materials recovery, that is sections B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The index does not include sewerage, waste collection, treatment and disposal and remediation activities, that is codes 37, 38.1, 38.2 and 39 of section E. The index can be an early indicator of inflationary pressures in the economy. The aggregated index is broken down to local market and export market index.

Data collection
The collection of the data for the sectors of mining and quarrying, manufacturing and materials recovery is conducted by the Statistical Service by telephone enquiries. In the manufacturing and materials recovery sectors the data are collected after the first Thursday of each month from a sample of enterprises. In the sector of mining and quarrying the survey includes all enterprises. The Electricity Authority of Cyprus, as the only electricity producing enterprise, provides consumption data in quantity and value terms, while data are also received from water distribution, desalination and purification enterprises.

Compilation method and dissemination practices
The Industrial Output Prices Index is using 2005 as base year, meaning that it shows the monthly changes in prices in relation with the monthly average prices of the year 2005. In the base year, the average of the price indices for the twelve months is 100,0. For example, a monthly price index of 112,3 implies that the prices for the specific month have increased by 12,3% in relation to the average monthly prices of 2005.
The aggregated Industrial Output Prices Index is a weighted average of the price indices of the various sub-sectors of Industry. The weights used reflect the sales value of products belonging to each sub-sector in relation to the total sales value of the sector.
The compilation of the Industrial Output Prices Index follows the provisions of the Council Regulation (EC) No 1165/98 concerning short-term statistics, and its amending Regulations and is every month transmitted to the Statistical Office of the European Communities (Eurostat).

Contact person
For more information:
Yiannakis Ioannou
Tel.: 22602194
Fax: 22602770

Last Update: 24/03/2009