Harmonized inflation in Cyprus fell

Harmonized inflation in Cyprus fell by 6.8% in January 2023, recording the third lowest increase among the member states of the European Union.

According to data released by Eurostat, in Cyprus and Malta harmonized inflation reached 6.8%, followed by Spain at 5.9% and Luxembourg with the lowest inflation rate at 5.8%.

In Cyprus, a decrease of 1.4% compared to December 2022 and 7.6% was recorded. In January 2022, inflation in Cyprus reached 5%, while in August it had reached 9.6%.

The highest inflation rate was recorded in Hungary at 26.2%, in Latvia at 21.4% and in the Czech Republic at 19.1%, while the average in the Eurozone stood at 8.6% and in the EU at 10%.

In the Eurozone, inflation came from increases in food, alcoholic beverages and tobacco by 2.94 percentage points, energy by 2.17 percentage points, services by 1.80 percentage points and non-energy industrial goods by 1.73 percentage units.

As far as Cyprus is concerned, the biggest change in economic categories compared to January 2022 was observed in the Energy category with a rate of 16.2%.

In relation to December 2022, the biggest change was recorded in the Clothing and Footwear category, where a decrease of 13% was noted, while in the economic categories, decreases were recorded in Energy, by 3.3% and in Non-energy industrial products, by 3%.

Source: stockwatch.com.cy

Photo: istockphoto.com