The euro area annual inflation rate is on the rise and Cyprus’ is no exception, according to data released on Wednesday by Eurostat, the statistical office of the European Union.
The euro area’s inflation rate stood at 4.1% in October, up from 3.4% in September. A year earlier, the rate was -0.3%. Moreover, EU annual inflation was 4.4% in October 2021, up from 3.6% in September. A year earlier, the rate was 0.3%.
Inflation in Cyprus in October was 4.4%, in September 3.6% and a year before, that is October 2020, was -1.4%.
This means that the purchasing power of households has been eroded within a year.
Specifically, inflation at €100 “swallows” some €4 resulting in the value of money falling to some €95.
And based on Cyprus Statistical Office criteria , inflation in Cyprus in October is likely to be higher than the 4.4% recorded by Eurostat, Philenews reports.
