NewsLocalElectricity, gas but also foodstuff in Cyprus keep inflation high

Electricity, gas but also foodstuff in Cyprus keep inflation high

Alarmingly rising prices in electricity and petroleum products keep inflation in Cyprus high but so do monthly hikes in food and non-alcoholic beverages, Philenews reported on Friday.

Specifically, inflation was recorded at 8.8% in October, up from 8.7% in September on the Consumer Price Index but lower than the estimated 10.7%-euro area inflation.

In other words, it increased by 0.89 units and reached 114.01 from 113.12 units in September.

The largest annual changes were recorded in electricity (44.2%) and petroleum products (17.3%).

The Cyprus Consumers Association on Thursday also pointed out significant increase in prices of food and non-alcoholic beverages (2.59%) as well as in clothing and footwear (4.96%).

Nonetheless, the approximately same level of inflation in October compared to September seems to confirm to some extent the Association’s ‘inflation fatigue’ prediction.

Compared to last year in October prices for clothing and footwear show a decrease by 0.43%.

In the first ten months of 2022, however, they record an increase of 1.95%.

The increase recorded in the prices of food and non-alcoholic beverages in the first ten months of the year amounts to 7.87%.

Top Stories

Taste