Cyprus recorded marginal disinflation in August with the Consumer Price Index (CPI) falling 0.1% on an annual basis, according to preliminary Eurostat data, distinguishing the island from broader European trends.
The slight price decline places Cyprus among the few EU member states experiencing deflationary pressures whilst most others continue grappling with persistent inflation above target levels.
Greece sees inflation slow to 3.1% from July’s 3.7%
Greece saw inflation estimated at 3.1%, down from July’s 3.7%, showing deceleration trends but remaining above the eurozone average. Monthly prices declined 0.6%.
The disinflation was attributed mainly to slower price increases in food (2.4% from 3.3%), services (4.9% from 5.4%) and energy goods (1% from 1.3%), whilst energy showed price declines (-1.9% annually) after increases in July.
Eurozone inflation exceeds forecasts with slight rise to 2.1%
Eurozone inflation increased marginally to 2.1% from July’s 2%, exceeding forecasts that predicted stability. Monthly prices strengthened 0.2%.
Core inflation (excluding energy and food) remained at 2.3%, whilst recording monthly increases of 0.3%.
Cross-country inflation comparisons
Estonia recorded the highest inflation at 6.2%, followed by Croatia at 4.6% and Slovakia at 4.4%. France showed modest increases of 0.8%, whilst Italy recorded 1.7%.
Cyprus distinguished itself with the small disinflation (-0.1%), recording lower price pressures compared to other Southern European countries during a period when inflationary pressures continue concerning EU member states.