Inflation hits record high 7.1% in March

Increases in petrol prices, electricity and other utility bills, fruit and vegetables have driven inflation up in March to a record 7.1%, according to the Cyprus Statistical Service.

Inflation continued its upward trend for the twelfth consecutive month, and it is the highest recorded since 1995.

The increase comes after inflation in February was 6.6%.

In March, the Consumer Price Index increased by 1.94 units and reached 107.78 units compared to 105.84 units in February.

For the quarter January-March, the CPI increased by 6,4% compared to the same period last year.

During the first three months of the year, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels (14.7%) and Transport (14.1%).

The largest changes, when compared to the index of March 2021, were recorded in electricity (31.9%), Petroleum Products (27.3%) and Agricultural Goods (18.2%).

In comparison to the index of the previous month, the largest change was monitored in electricity (7.9%).

Inflation for the year is expected to be 4%, while the rate for 2021 was 1.67%.