InsiderBusinessCyprus recorded highest increase in consumer prices index in E.U.

Cyprus recorded highest increase in consumer prices index in E.U.

Cyprus observed a 19.4% increase in the harmonised index of consumer prices (HICP) in 2022 – the highest increase among the European Union nations.

The index considers the price increase of 12 main headings, including housing, transport, food, health, and education.

Last year, all the countries in the European Union hit an all-time high inflation increase.

Experts have linked the EU’s record inflation figures to the rise in energy prices – a direct consequence of the Russian invasion of Ukraine.

The EU’s increased numbers were heavily skewed by the consumer prices for housing, water, gas, and other fuels, which increased by 18% in a year.

Transport increased by 12.1%, while food and non-alcoholic beverages rose by 11.9%, following house expenses. Every other main heading included in the HICP increased in 2022, except for the drop of 0.1% in communication consumer prices.

In the euro area, the HICP is used to measure consumer price inflation. That means the change over time in the prices of consumer goods and services purchased by euro-area households.

The HICP is compiled by Eurostat and the national statistical institutes in accordance with harmonised statistical methods.

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