Insider Business Inflation reaches 2.3% in July

Inflation reaches 2.3% in July

Inflation in July 2018 amounted to 2.3% compared with the respective period of 2017, remaining in positive territory for the third consecutive month, according to data released today by the Cyprus Statistical Service (Cystat).

According to Cystat, the Index of Consumer Prices in July declined by 1.17 units to 100.32 from 101.49 the previous month.

The average inflation rate in the 12 months from August 2017 to July 2018 rose by 0,3% compared with the respective period of 2017.  The Cyprus Finance Ministry project an inflation rate of 0.5% for 2018.

Compared with July 2017, the rate of inflation was affected by increase in Petroleum products (13.8%), while compared with the previous month, the rate of inflation was affected by a reduction of 3,4% in Industrial goods (excl. petroleum products), Cystat said.

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