In October, the inflation rate in Cyprus slowed down after two consecutive months of hikes.
Data released by the Cyprus Statistical Service (CyStat) on Friday revealed that the Consumer Price Index for October 2023 rose by 0.30 units, reaching 117.97 units compared to 117.67 units in September 2023. The annual inflation rate decreased to 3.5% from 4.02% the previous month.
From January to October 2023, the Consumer Price Index increased by 3.9% compared to the same period in the previous year, as reported by CyStat.
In terms of economic impact, the most significant positive change compared to the October 2022 index was observed in agricultural goods, with a 6.9% increase, notably lower than the 15.2% rate seen in the previous month. The categories of electricity and fuel accelerated by 5.35% and 3.08% respectively.
When analysing the effect on the Consumer Price Index in units, the category of food and non-alcoholic beverages showed the most substantial positive impact, rising by 1.20 units.
Conversely, only communication had a negative impact, with a decrease of 0.02 units, according to CyStat.