Cyprus inflation soars to 4.0% amid surging prices in food and petroleum

08:08 - 06 October 2023

Economy

Inflation in September 2023 surged to 4.0%, according to the latest data from the Consumer Price Index (CPI) released by CySTAT.

The CPI increased by 1.33 units, reaching 117.67 units, compared to 116.34 units in August 2023 when the inflation rose to 2.6%.

For the period from January to September 2023, the CPI recorded a 4.0% increase compared to the same period in the previous year.

When analysing the economic origin of this inflation, the most substantial positive change, compared to September 2022, was observed in the category of Agricultural goods, with an increase of 15.2%. In contrast, the largest change when compared to the previous month was monitored in Petroleum products, which saw a 5.1% increase.

The category of Food and Non-Alcoholic Beverages recorded the most significant positive change, with prices rising by 9.7% compared to September 2022. On the flip side, the category of Communication recorded a negative change of -0.6%.

Compared to the previous month, the largest change was noted in the category of Clothing and Footwear, where prices increased by 7.8%.

For the period spanning January to September 2023, compared to the same period in the previous year, the most notable changes were observed in the categories of Food and Non-Alcoholic Beverages (9.1%), Restaurants and Hotels (6.1%), and Housing, Water, Electricity, Gas, and Other Fuels (5.8%).

(Source: CNA)

Cyprus inflation soars to 4.0% amid surging prices in food and petroleum

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