ECONOMY

Cyprus sees inflation rise to 5.4% in Jan

Cyprus sees inflation rise to 5.4% in Jan

January 2022 recorded a spike in Cyprus inflation, rising to 5.4% on an annual basis, according to official figures, in line with the trend recorded in the rest of the eurozone.

It is reminded that in Greece the European Union-harmonized inflation was measured at 5.5% year-on-year last month, according to Eurostat.

At the same time, the Consumer Price Index (CPI) in the Republic of Cyprus decreased by 0.53 points, falling to 104.57, compared to 105.10 in December 2021, according to the state’s statistical service (CyStat).

The largest increases, when compared to the index of January 2021, were recorded in the categories of electricity (up 26.3%) and fuel products (25.3%). The categories of housing, water, gas and other types of fuel recorded a 14.1% growth, while in transport there was a 13.3% increase.

The categories of transport, housing, water, electricity, gas and other types of fuel had the largest effect on the change of the CPI, ranging from 1.67 to 1.91 points.

On a monthly basis the largest rise was recorded in agricultural goods (4.3%) and the biggest drop was noted in clothing and footwear (-12.7%).