Annual inflation rate drops a monthly 0.6% in March - Eurostat

14:48 - 19 April 2023

Economy

The annual inflation rate in Cyprus was 6.1% in March 2023, down from 6.7% a month earlier, according to data published by Eurostat.

The euro area annual inflation rate dropped from 8.5% to 6.9%, while the EU’s annual inflation dropped from 9.9% to 8.3%.

A year earlier, in March 2022, the annual inflation rate was 6.2% in Cyprus, 7.4% in the Eurozone and 7.8% in the EU.

The lowest annual rates were registered in Luxembourg (2.9%), Spain (3.1%) and the Netherlands (4.5%).

The highest annual rates were recorded in Hungary (25.6%), Latvia (17.2%) and Czech Republic (16.5%).

Compared with February, annual inflation fell in 25 Member States and rose in two.

In March, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+3.12 percentage points, pp), followed by services (+2.10 pp), non-energy industrial goods (+1.71 pp) and energy (-0.05 pp).

Annual inflation rate drops a monthly 0.6% in March - Eurostat

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