articles | 20 May 2021

Cyprus annual inflation 1.2% in April

Cyprus recorded 1.2% annual inflation in April on higher prices in clothing,  footwear and transport, while in the European Union, the rate was 2%.

Monthly inflation was 0.8%, and for the first four months, Cyprus recorded a slight deflation of 0.1%, according to the Statistical Service (CyStat).

The Harmonized Index of Consumer Prices increased by 1.2% from -1.2% in April 2020, while, compared to March 2021, the HICP increased by 0.8%.

Compared to April 2020, the largest changes were noted in Clothing, Footwear and Transport with percentages of 5.1% and 5%, respectively.

Since March 2021, the largest changes were recorded in Clothing and Footwear (5.3%), Housing, Water, Electricity, Gas and Other Fuels (3.7%).

For January – April 2021, the largest price changes were Communication (-3.8%), Housing, Water, Electricity, Gas and Other Fuels (-3.4%).

The biggest change across the annual and monthly indices was energy at 10.6% and 4.6%, respectively.

The euro area annual inflation rate was 1.6% in April, up from 1.3% in March.

A year earlier, the rate was 0.3%. EU annual inflation was 2%, up from 1.7% in March.

A year earlier, the rate was 0.7%.

The lowest annual rates were registered in Greece (-1.1%), Portugal (-0.1%) and Malta (0.1%).

The highest annual rates were recorded in Hungary (5.2%), Poland (5.1%) and Luxembourg (3.3%).

Compared with March, annual inflation fell in three member states, remained stable in one and rose in 23.

In April, the highest contribution to the annual euro area inflation rate came from energy (+0.96 percentage points, pp), followed by services (+0.37 pp), food, alcohol & tobacco (+0.16 pp) and non-energy industrial goods (+0.12 pp).

Source: Financial Mirror

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