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Harmonised inflation at 3.1% in August, marking the end of a 12-month decline

Harmonised inflation returned this August to an upward trajectory, primarily due to the increase in food prices, with an increase at a rate of 3.1%.

This ends the continuous decline it had been experiencing for 12 months since its peak in July 2022 when it had reached a record level of 10.6%.

Specifically, according to CySTAT, the Harmonised Consumer Price Index increased by 3.1% in August 2023 compared to August 2022 when it had risen by 9.6% (the second-highest historically). In July 2023, harmonised inflation had recorded the lowest annual increase since July 2021, dropping to 2.4%.

For the period of January to August 2023, there was a 4.4% increase compared to the corresponding period of the previous year.

In comparison to August 2022, according to CySTAT, the categories of Food and Non-Alcoholic Beverages (10.4%) and Restaurants and Hotels (5.6%) showed the largest changes.

Compared to July 2023, the largest change was recorded in the category of Transport (3.5%).

For the period of January to August 2023, compared to the corresponding period of the previous year, the largest changes were observed in the categories of Food and Non-Alcoholic Beverages (9.3%), Restaurants and Hotels (6.6%), and Housing, Water, Electricity, Gas, and Other Fuels (6.4%).

The largest changes in economic categories compared to August 2022 were observed in the categories of Food-Alcoholic Beverages-Tobacco (8.8%) and Energy (-7.6%), according to CySTAT. When compared to the previous month, the category of Energy (2.1%) recorded the largest change.

(Source: CNA)

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