Cyprus inflation declines to -1.6%

Inflation in Cyprus continued to drop in January with the Consumer Price Index decreasing to -1.6% on the year before as energy bills dropped.

In January the CPI fell by 1.06 units to 99.21 compared to 100.27 units in December.

The largest changes in prices from January 2020 were recorded in Electricity and Agricultural goods with percentages of -12.9% and -11.2% respectively.

Compared to the December index, the largest change was recorded in Agricultural goods with a -5% drop.

Analysis of percentage changes

Compared to January 2020, the categories Housing, Water, Electricity, Gas and Other Fuels (-4.6%) and Food and non-Alcoholic Beverages (4.6%) recorded the largest negative changes, whereas Clothing and Footwear had the largest positive upswing of 5.0%.

In comparison to the CPI of the previous month, the biggest change was noted in Clothing and Footwear (-13.3%).

Analysis of effects in units

Compared to the Index of January 2020, Food and non-Alcoholic Beverages (-0.91) and Housing, water, electricity, gas and other fuels (-0.58) had the largest negative effect on the CPI. Clothing and Footwear (0.31) had the largest positive effect.

Clothing and Footwear (-1.01) had the largest effect on the change of the CPI compared to the previous month.

Petroleum products (-0.85) and fresh vegetables (-0.72) had the most notable negative effect on the change of the CPI in January 2021 compared to 2020.

Clothing (-0.62) had the largest effect on the CPI in January compared to December.