NewsLocalInflation “hits” food, alcohol and tobacco

Inflation “hits” food, alcohol and tobacco

Despite a marginal inflation slowdown recorded in Cyprus in recent days it is still there and clear enough that it can barely return to the levels it was exactly one year ago. That is, at 5.8% recorded at the end of February 2022.

Specifically, annual inflation in Cyprus is estimated at 6.7% in February, down from 6.8% in January.

As for the Eurostat, on Thursday released preliminary data showing that in the euro area the inflation rate fell marginally to 8.5% from 8.6% last January. But it is still four times above the 2% target set by the European Central Bank.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in February (15.0%, compared with 14.1% in January).

This is followed by energy (13.7%, compared with 18.9% in January), non-energy industrial goods (6.8%, compared with 6.7% in January) and services (4.8%, compared with 4.4% in January).

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