Cyprus Mail
Business Cyprus

Inflation dropped in December

Inflation in Cyprus dropped to 1.0 per cent in December, down from 1.6 per cent in November, while a year earlier the same rate was -0.4 per cent, Eurostat said on Thursday.

Meanwhile, the euro area annual inflation rate was 1.6 per cent in December 2018, down from 1.9 per cent in November. A year earlier, the rate was 1.4 per cent. European Union annual inflation was 1.7 per cent in December 2018, down from 2.0 per cent in November. A year earlier, the rate was 1.7 per cent.

The lowest annual rates were registered in Greece and Portugal (both 0.6 per cent) and Denmark (0.7 cent). The highest annual rates were recorded in Estonia (3.3 per cent), Romania (3.0 per cent) and Hungary (2.8 per cent). Compared with November 2018, annual inflation fell in 22 Member States, remained stable in three and rose in three.

In December 2018, the highest contribution to the annual euro area inflation rate came from services (+0.58 percentage points), followed by energy (+0.53 pp), food, alcohol & tobacco (+0.34 pp) and non-energy industrial goods (+0.12 pp).

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