Price inflation rose 8.1% in 2022

The Harmonised Index of Consumer Prices (HICP) rose 8.1% last year compared to 2021, driven by higher energy bills and pump prices.

In December alone, the HICP increased by 7.6% compared to the same month of 2021, but there were signs of it slowing, with a decrease of 0.8% compared to November.

From January to December, the largest price changes were noted in Housing, Water, Electricity, Gas and Other Fuels, which increased by 21.5% and Transport by 14.2%.

Compared to December 2021, the largest changes were noted in Housing, Water, Electricity, Gas, and Other Fuels, increasing by 17.2%, while Food and Non-Alcoholic Beverages increased by 12.6%.

Compared to November 2022, the largest change was recorded in Food and Non-Alcoholic Beverages, which decreased by 2.9%.

Compared to December 2021 and the November index, the largest change was energy, up 19.3% and -3.3%, respectively.

Inflation in Cyprus broke a 40-year when it spiked 10.9% year on year in July, driven by hikes in electricity and fuel.

Before that, Cyprus’s highest inflation rate was 10.8% in December 1981.