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Inflation in Cyprus increased by 8.4 per cent in 2022

supermarket basic necessities inflation economy retail imports

Inflation in Cyprus for the period between January and December 2022 recorded an increase of 8.4 per cent, compared to the corresponding period of the year before, while an inflation rate of 7.9 per cent was recorded in December, according to a report published on Thursday by the Cyprus Statistical Service.

Between January and December 2022, compared to the corresponding period of the previous year, the most significant changes were observed in the categories of housing, water supply, electricity and LPG, with an increase of 21 per cent, as well as that of transportation with 16.3 per cent.

Furthermore, inflation fell to 7.9 per cent in December, while the Consumer Price Index (CPI) 2022 decreased by 1.12 points, reaching 113.43 points, compared to 114.55 points in November 2022.

Compared to December 2021, the most significant changes were observed in the housing, water, electricity and LPG categories, which increased by 17.1 per cent, as well as that of food and non-alcoholic beverages, which rose by 12.6 per cent.

The food and non-alcoholic beverages categories had the biggest on the CIP in December 2022, compared to the same month of the previous year, with an effect of 2.41 units.

In addition, housing, water supply, electricity and LPG had an effect of 2.32 units, followed by the transport category with 1.51 units.

Moreover, electricity and petroleum products also had a major impact on the index in December 2022, compared to December 2022, with 1.41 units and 1.20 units respectively.

Compared to November 2022, the biggest changes in December were observed in the food and non-alcoholic beverages categories, which decreased by 2.9 per cent, as well as that of transportation, which fell by 2.3 per cent.

The food and non-alcoholic beverages categories had the largest negative impact on the fluctuation of the CPI, compared to the previous month, falling by 0.65 units, followed by transportation, which decreased by 0.42 units.

Finally, petroleum products and fresh vegetables had the biggest negative impact on the change in the December 2022 CPI compared to the corresponding index of the previous month, falling by 0.57 units and 0.56 units respectively.

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