Inflation in Cyprus eases to 9.6%

Inflation in Cyprus eased below the 10% level last month on an annual basis, as the Cyprus Statistics Service (CyStat) announced on Friday that the Harmonized Index of Consumer Prices rose 9.6% in August compared to that of August 2021.

Compared to the index of July 2022, the HICP increased by 0.5%. For the period January-August 2022 the HICP recorded an increase of 8.0% compared to the corresponding period of the previous year.

When compared to August 2021, the largest changes were noted in Housing, Water, Electricity, Gas and Other Fuels (30%) and Transport (19.5%). On a monthly basis, the biggest change was recorded in the Recreation and Culture category (2.6%).

For the period January-August 2022, compared to the corresponding period of the previous year, the biggest changes were noted in Housing, Water, Electricity, Gas and Other Fuels (21.6%) and Transport (16%).

As regards the origin of the index’s increase, the largest change when compared both to the index of August 2021 and to the index of the previous month was observed in Energy, with rates of 40.6% and -5% respectively (thanks to the drop in oil rates).