Cyprus harmonised inflation at 4.1% in January

The EU-harmonised consumer price inflation rate (HICP) reached  4.1% year on year in January, much higher than the rate of 1.4% recorded in January 2007.

Like the national consumer price inflation rate, prices fell compared with December 2007, therefore the “euro effect” was not strong.

However, the fall in prices, at 1.4% was milder than in January 2007 (1.7%), implying a small rounding up affect after the adoption of the euro on January 1, 2008.