Insider Economy Inflation increases to 1.2% in April

Inflation increases to 1.2% in April

Inflation in Cyprus increased by 1.2% in April 2019 compared with the respective period of 2018, according to data released Friday by the Statistical Service of Cyprus. This is the eleventh month of inflation growth in Cyprus.

In April 2019, the Consumer Price Index increased by 0.42 units and reached 101.04 units compared to 100.62 units in March 2019. Compared to April 2018, the CPI increased by 1.2%.

In the twelve-month period from May 2018 to April 2019, in comparison to the period from May 2017 to April 2018, the annual average rate of change of the CPI was 2.1%. The corresponding annual average rate of change of the CPI in the previous twelve month period was -0.1%.

Comparing to the index of April 2018 the largest change in economic origin was recorded in Electricity (13.6%), while compared to the index of the previous month, Petroleum Products had the largest change (3.1%).

Analysis of changes
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Compared to April 2018, the category Housing, Water, Electricity, Gas and Other Fuels recorded the largest positive change with a percentage of 5.7%, while the category Communication (-6%) had the largest negative change.

In comparison to the CPI of the previous month, the largest change was noted in Transport (2.6%).

For the period between January – April 2019, compared to the corresponding period of the previous year, the largest change was recorded in Housing, Water, Electricity, Gas and Other Fuels (7.4%).

Analysis of effects
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Compared to April 2018, the categories with the largest positive effect on the change of the CPI were the following: Housing, Water, Electricity, Gas and other Fuels (0.65) and Food and Non-Alcoholic Beverages (0.55). The category Communication (-0.25) had the largest negative effect.

The category with the largest positive effect on the change of the CPI compared to the previous month, was Transport (0.38).

The following products/services had the most notable positive effect on the change of the CPI of April 2019 compared to April 2018: electricity (0.42) and fresh vegetables (0.36), while mobile telephony   had the largest negative effect(-0.21).

Finally, petroleum products (0.26) and airfares (0.14) had the most positive effect on the change of the CPI of April 2019 compared to the previous month.

(Cyprus News Agency)

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