Cyprus’ annual rate of inflation reached 7.1 per cent in January 2023, continuing its downward trend for the third consecutive month.

According to a report published on Friday by the Cyprus Statistical Service (Cystat), the Consumer Price Index decreased by 1.42 points in January 2023, reaching 112.01 points, compared to 113.43 points in December 2022.

The annual rate of inflation reached 7.1 per cent, down from 7.9 per cent in December 2022.

The biggest changes among all financial categories, compared to January 2022, were observed in electricity with a percentage of 35.6 per cent, as well as industrial products, excluding oil products, with a percentage of 8.3 per cent.

In relation to December 2022, the biggest change was observed in petroleum with 5.5 per cent, while a decrease of 4.04 per cent was also recorded in transportation.

Furthermore, the statistical service explained the categories of housing, water supply, electricity and LPG, as well as the category of non-alcoholic beverages, had the greatest positive impact on the Consumer Price Index, with 2.34 units and 2.11 units respectively.

Conversely, the clothing and footwear categories had a negative impact with 0.97 units, followed by transportation with 0.73 units.