Cyprus HICP rate confirms deflation

The latest figures for the EU-harmonised consumer price index (HICP) confirm the deflationary trend in Cyprus, with prices measured by the HICP dropping year on year by 2.1% in April 2016 after a decline of 2.2% in March according to the Statistical Service, Cystat.

The non-harmonised national consumer price index (CPI) reported deflation of 2.5% in April.

The biggest year-on-year drop according to the HICP was for prices of housing, water, electricity and gas, which dropped by 10.5%, followed by transport prices, which dropped by 9.1%.

Year-on-year increases were recorded in clothing and footwear (1.8%), restaurants and hotels (1%), healthcare (0.9%), alcohol and tobacco (0.8%), education (0.3%) and communication (0.2%).

The HICP has recently been rebased to 2015=100.

Source: InCyprus