Insider Economy Inflation: rent and electricity prices recover

Inflation: rent and electricity prices recover

A significant decline in demand for a number of consumer goods was recorded during the island’s economic recession between the years 2013-2015. But the decrease in consumer goods prices was not limited to specific items and services but was rather a more general phenomenon. Mainly because the economic recession was the outcome of a downward trend of significant macroeconomic indicators such as consumption and investment.

As a result, prices of important products and services also followed a de-escalation path which continued throughout the island’s recession years, according to data by the Statistical Service. In 2013 and 2014, prices of domestic products (agricultural and industrial) followed a significant downward trend with those of electricity and water recording a 9.6 decrease which is the highest of all. The situation was more or less the same with rental prices, with a recorded drop of 6.1% during that period.

Between 2014-2015, the downward trend in prices continued with the general consumer price index standing at -2.1%. However, the most significant decrease – in the order of -16.3% – was recorded for yet another year in the electricity and water price index. Rental prices also recorded a decline but this slowed down to -1.2%, while the house maintenance and repair price index was at -2%.

However, after the economy recorded positive growth rates – that is from 2016 onwards – the general consumer price index for main goods and services also shifted to a positive sign. Specifically, the percentage change in electricity and water prices between 2016 and 2017 stood at  12.1%, while the upward trend for rents was recorded at 0.8%.

Between 2017 and 2018, the change in electricity and water prices also recorded a positive sign (9.3%), while rents increased by 2.5%. Finally, for the period January-June 2018 and January-June 2019 both the change in the price of electricity and water and that in rentals continued its upward trend reaching 15% and 3.7% respectively.


Read more:


Top Stories

Trump jeered as he visits Ginsburg’s casket at U.S. Supreme Court

President Donald Trump was greeted with jeers and boos by a nearby crowd on Thursday as he visited the late Supreme Court Justice Ruth...

Latest on the worldwide spread of coronavirus

More than 31.99 million people have been reported to be infected by the novel coronavirus globally and 977,348​ have died, according to a Reuters...

SALA contract for Zakaki area’s new pumping station signed

The signing of an ambitious Sewerage Board of Limassol (SALA) contract which includes the construction of the new pumping station at the coastal city's...

Woman run down on pedestrian crossing, in serious condition

A 23-year-old woman is in serious condition in Nicosia General Hospital after she was run down by a car on a pedestrian’s crossing in...

Mask or noodle soup?

Japanese designer Takahiro Shibata wears a protective mask that looks like a steaming bowl of ramen noodle soup in Yokohama, Japan September 23, 2020.



Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...