Inflation data provided by Eurostat, show a significant slowdown of inflation in Cyprus.
The harmonized consumer price index retreated to an annual rate of 2.5% in November from October’s 3.6%, and significantly lower than last November’s 8.1%. In the Eurozone, inflation further decreased to 2.4% annually in November, down from 2.9% in October.
Notably, this marks the lowest measurement in over two years, since July 2021, surpassing analysts’ expectations of a slowdown to 2.7%.
Similar trends were observed in underlying inflationary pressures, a focal point for the European Central Bank regarding the direction of monetary policy.
The core consumer price index, excluding volatile elements such as food and energy, declined to 3.6% annually from October’s 4.2%.
The positive surprise in Eurostat’s announcement for Cyprus is the significant reduction in the food price index, which dropped to 2.5% in November from 5.3% in October and 8.5% in September.
Last year, the food price index stood at 11.7%, marking some of the highest levels in recent years.