October price inflation at 8.8%

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Inflation in Cyprus was recorded at 8.8% in October, up from 8.7% in September on the Consumer Price Index, lower than the estimated 10.7%-euro area inflation.

It increased by 0.89 units and reached 114.01 from 113.12 units in September.

For the 10 months January-October, the CPI increased by 8.4% compared to the same period last year.

The largest annual changes were recorded in electricity (44.2%) and petroleum products (17.3%).

In comparison to the index of the previous month, the largest swings were monitored in Agricultural goods (4.5%) and petroleum products (-4.2%).

Compared to October 2021, the biggest price shifts were monitored in the categories of Housing, Water, Electricity, Gas and Other Fuels (21.1%), Food and Non-Alcoholic Beverages (13.2%), and Transport (11.9%).

In the CPI of the previous month, the largest change was noted in Clothing and Footwear (5.0%).

For January – October, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels (21.8%) and Transport (17.6%).

Since October 2021, Housing, Water, Electricity, Gas and Other Fuels (2.79), Food and Non-Alcoholic Beverages (2.56), and Transport (1.92) have had the largest effect on the change in the CPI.

Food and Non-Alcoholic Beverages (0.56) and Clothing and Footwear (0.36) had the largest positive effect on the CPI change compared to the previous month.

Electricity (1.78) and Petroleum Products (1.62) had the most notable effect on the change of the CPI of October 2022 compared to October 2021.

Finally, Fresh vegetables (0.39) and Clothing (0.24) had the largest positive effect on the change of the CPI of October 2022 compared to the previous month.

Euro area

Euro area annual inflation is expected to be 10.7% in October, up from 9.9% in September, according to a flash estimate from Eurostat.

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in October (41.9%, compared with 40.7% in September), followed by food, alcohol & tobacco (13.1%, from 11.8%), non-energy industrial goods (6.0%, compared with 5.5%) and services (4.4%, from 4.3% in September).