Cyprus inflation rate decreased to -1.1% in November

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Cyprus had the third-lowest annual inflation rate in Europe in November with it declining to -1.1% behind Greece (-2.1%), Estonia (-1.2%), according to Eurostat data.

In November, Cyprus’ Harmonized Index of Consumer Prices decreased by 1.1% from 2019, the same as Slovenia.

Compared to October 2020, Cyprus’ HICP decreased by 0.2%.

For the 11 months to November, the HICP also recorded a decline of 1.1% compared to the same period last year.

Since November 2019, the categories Transport and Housing, Water, Electricity, Gas and Other Fuels had the largest negative changes with percentages of 7% and 6.7% respectively while the category Food and Non-Alcoholic Beverages (3.1%) had the largest uptick.

The euro area annual inflation rate was -0.3% in November, stable compared to October. A year earlier, the rate was 1.0%.

European Union annual inflation was 0.2% in November down from 0.3% in October. A year earlier, the rate was 1.3%.

The highest annual rates were recorded in Poland (3.7%), Hungary and Czechia (both 2.8%).

Compared with October, annual inflation fell in 14 Member States, remained stable in four and rose in nine.

In November, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+0.36 percentage points, pp), followed by services (+0.25 pp), non-energy industrial goods (-0.07 pp) and energy (-0.82 pp).