articles | 17 May 2023

Cyprus sees slower inflation growth in April

The Cyprus Statistical Service (Cystat) on Wednesday reported a notable deceleration in harmonised inflation for the month of April.

According to the report, the Harmonised Index of Consumer Prices (HICP) increased by 3.9 per cent compared to April 2022, with a 0.9 per cent increase from the previous month. From January to April 2023, there was a 5.9 per cent rise compared to the same period last year. In March 2023, the HICP recorded a 6.1 per cent annual increase, while in April 2022, it surged by 8.6 per cent.

The categories that experienced the most significant changes compared to April 2022 were Food and Non-Alcoholic Beverages (6.9 per cent), Furniture, Household Equipment and Cleaning Products (6.7 per cent), and Restaurants and Hotels (6.5 per cent). In comparison to March 2023, the Clothing and Footwear category showed the largest change, with a 4.2 per cent increase.

For the period of January to April 2023, the categories with the most substantial changes compared to the corresponding period last year were Housing, Water Supply, Electricity and LPG (14.0 per cent), Food and Non-Alcoholic Beverages (8.5 per cent), and Restaurants and Hotels (8.2 per cent). Regarding economic categories, Food, Alcoholic Beverages and Tobacco (5.8 per cent), and Non-energy industrial products (5.7 per cent), experienced the most significant changes compared to April 2022.

Finally, the category concerning energy costs showed the most substantial change from the previous month, with a decrease of 2.9 per cent.

Source: Cyprus Mail

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