Insider Economy Cyprus records inflation of 1.1% in January on annual basis

Cyprus records inflation of 1.1% in January on annual basis

Cyprus has recorded inflation of 1.1% in January this year on an annual basis, according to a Cyprus Statistical Service announcement released on Thursday.

In January 2020, the Consumer Price Index fell by 0.60 units and reached 100.83 units compared to 101.43 units in December 2019, it also said.

At the same time, compared to January 2019, the CPI increased by 1.1%.

With regards to the economic origin, the press release reads, the greatest change, compared to January 2019, was recorded in petroleum products with an increase of 8.1%.

In comparison to the previous month, agricultural goods recorded the greatest change this January with an increase of 7.6%.

Compared to January 2019, the categories “Transport” and “Communication” recorded the greatest changes by 4.1% and 3.3% respectively.

In comparison to the index of the previous month, the greatest change was observed in “Clothing and Footwear” with a drop of 17.9%.

Compared to the index of January 2019, the category “Transport” had the greatest effect with an increase of 0.59 units.

The category “Food and Non-Alcoholic Beverages” had the greatest positive effect (up by 0.73 units) on the change of the index compared to the previous month, while “Clothing and Footwear” had the greatest negative effect (down by1.36 units).

Petroleum products had the most notable effect (up by 0.60units) on the change of the index of January 2020 compared to January 2019, the press release says.

Fresh vegetables had the greatest positive effect with an increase of 0.38 units on the change of the index in January this year compared to the previous month, whereas clothing and footwear had the greatest negative effect with a drop of 0.99 and 0.37 units respectively.

 

Read more:

https://in-cyprus.com/inflation-in-cyprus-expected-to-turn-negative-for-september-at-0-5-according-to-eurostat/

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