CYPRUS: Deflation continues for 21 months

The Harmonised Index of Consumer Prices (HICP) in August declined by 0.6% year on year continuing deflationary pressures that began in December 2014, according to the Statistical Service, Cystat.
For the period January – August, HICP marked a reduction of 1.6% compared with the corresponding period of 2015, Cystat said.
Negative HICP is mainly due significant reduction in energy prices despite the rise in foodstuff prices and non-alcohol beverages.
However, compared with July, HICP marked an increase of 0.4%.
The Euro area HICP for August rose 0.2% compared with August 2015.