CYPRUS: HICP in negative territory for 22nd straight month

The Harmonised Index of Consumer Prices (HICP) declined by 0.4% year on year in September continuing deflationary pressures that began in December 2014, mainly due to significant reduction in energy prices, according to the Statistical Service (CyStat).

 
Compared to September 2015, the categories with the biggest negative changes were transport (-6.0%) and housing, water, electricity, gas and other fuels (-5.8%), while an increase of 3.0% was recorded in food and non-alcoholic beverages, the Cyprus News Agency reported.
As regards to the economic origin, the largest change as compared to the index of September 2015 was in energy, where a decrease of 7.6% was observed.
For the January – September period this year, the HICP marked a decrease of 1.4% compared to the corresponding period of the previous year, CyStat said.
Between January and September, the largest negative changes were in transport (-8.6%) and housing, water, electricity, gas and other fuels (-8.4%). On the other hand, a positive change was recorded in clothing and footwear (1.5%).
The HICP for September in comparison to August decreased by 0.4%. The categories with the largest decrease were restaurant and hotels (-3.2%), while an increase was observed in clothing and footwear (8.9%).