Local
articles | 04 September 2020

Cyprus records annual deflation of 1.2% in August

Data released by the Cyprus Statistical Service on Thursday show that Cyprus recorded an annual deflation of 1.2% this August.

In August 2020, the Consumer Price Index “increased by 0.58 units and reached 99.10 units compared to 98,52 units in July 2020. Compared to August 2019, the CPI decreased by 1.2%”, a CyStat press release says.

For the period of January-August 2020, the CPI fell by 0.5% compared to the corresponding period of the previous year, it adds.

In regards to the economic origin, the greatest changes when compared to the index of August 2019 were recorded in Electricity and Petroleum products with percentages of -22.7% and -11.7% respectively.

Compared to the index of the previous month, the largest change was monitored in Agricultural goods with a percentage with 8.1%.

Categories of Housing, water, electricity, gas and other fuels (-7.2%) and Transport (-6.3%) recorded the largest negative changes compared to August 2019.

In contrast, the Clothing and Footwear category had the largest positive change with 3.5%.

In comparison to the CPI of the previous month, the greatest positive change was noted in Food and non-Alcoholic Beverages (2.9%), while the greatest negative change was recorded in Housing, water, electricity, gas and other fuels (1.4%).

For the period of January–August 2020, compared to the corresponding period of the previous year, the largest change was recorded in Transport by -4%, the press release reads.

Compared to the Index of August 2019, the categories Transport (-0.96) and Housing, water, electricity, gas and other fuels (-0.87) affected the CPI’s change the most.

The category Food and non-Alcoholic Beverages (0.54) had the greatest positive effect on the change of the CPI compared to the previous month.

In contrast, Housing, Water, Electricity, Gas and Other Fuels (-0.16) had the largest negative effect.

Petroleum products (-1.01) and electricity (-0.81) had the most notable effect on the change of the CPI of August 2020 compared to August 2019.

Fresh vegetables (0.48) and fresh fruits (0.14) had the greatest positive effect on the change of the CPI of August 2020 compared to the previous month.

In contrast, electricity had the largest negative effect with 0.15 units.

Source: In-Cyprus

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