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Cyprus inflation shows signs of easing in October

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After two consecutive months of inflationary increases, October has brought signs of moderation in Cyprus’ inflation rate, according to the latest report by the Cyprus Statistical Service (Cystat).

According to the report, released on Thursday, the Consumer Price Index (CPI) rose by 0.30 points, reaching 117.97 points, in October.

In addition, the annual inflation rate slowed down to 3.5 per cent, down from the 4.02 per cent rate recorded in the previous month.

For the period of January to October 2023, the Consumer Price Index showed an overall increase of 3.9 per cent compared to the same period last year.

The most significant positive change in economic categories, when compared to October 2022 was observed in the Agricultural Products category, with a rate of 6.9 per cent, a substantial decrease from the 15.2 per cent seen in the previous month.

Notably, the Electricity and Petroleum Products categories both saw an acceleration with rates of 5.35 per cent and 3.08 per cent, respectively.

When comparing October 2023 to October 2022, the category of Food and Non-Alcoholic Beverages saw the most significant rise, increasing by 1.20 points.

In contrast, only the Communications category fell slightly, with a modest drop of 0.02 points.

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