ECONOMY

Inflation grows to 7.1% in Cyprus

Inflation grows to 7.1% in Cyprus

Inflation in Cyprus soared to 7.1% in March 2022, continuing its upward trend for the 12th consecutive month.

It is the highest level recorded since 1995. According to the Statistical Service of Cyprus (CyStat), the Consumer Price Index increased by 1.94 units and reached 107.78 units compared to 105.84 units in February 2022.

For the period January-March 2022, the CPI increased by 6.4% compared to the corresponding period of the previous year.

Compared to March 2021, the largest changes were seen in Housing, Water, Electricity, Gas and Other Fuels (16.6%) and Transport (14%).

In comparison with the CPI of the previous month, the largest change was noted in Clothing and Footwear (8.7%).

For the period January-March 2022, compared to the corresponding period of the previous year, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels (14.7%) and Transport (14.1%).

Meanwhile, Kathimerini in Cyprus reported that the number of property sales in March rose 33% compared to a year earlier, for the highest March figure recorded since 2008.

Sales during the first quarter of 2022 reached 3,009, a 52% increase on the 1,985 sales achieved during the first quarter of 2021.