Insider Economy Inflation plunged by an annual 2% in June affected by Covid-19

Inflation plunged by an annual 2% in June affected by Covid-19

Inflation in Cyprus plunged by an annual 2% in June, marking the highest yearly drop since July 2015, as prices continue to decline affected by the coronavirus pandemic.

Inflation continued its downward trajectory for a third consecutive month, despite relaxations of lockdown measures and the reopening of the island’s economy in June.

According to the Cyprus Statistical Service (Cystat) the June Consumer Price Index (CPI) decreased by 0.42 units and reached 99.27 units compared to 99.69 units in May 2020.

For the period January-June 2020, the CPI decreased by 0.3% compared to the corresponding period of the previous year, Cystat added.

Fuel prices marked the highest annual reduction with 17% and Electricity prices dropped by 13%, Cystat said.

With regard to goods and services, Transport and Housing, Electricity and Gas marked the highest annual reductions with 8.34% and 4.8% respectively, Cystat added.

(CNA)

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