Inflation slows to 9.6% in August

Cyprus’ annual EU-harmonised inflation decelerated to 9.6% in August from 10.6% in July but remained close to its highest level in decades, according to official data Friday.

In August, the Harmonized Index of Consumer Prices (HICP) increased by 9.6% compared to August 2021.

Compared to the index of July, the HICP increased by 0.5%.

For the eight months, January to August, the HICP recorded an increase of 8.0% compared to the same period last year.

Compared to August 2021, the largest price changes were noted in Housing, Water, Electricity, Gas and Other Fuels (30%) and Transport (19.5%).

Compared to July 2022, the largest change was in Recreation and Culture (2.6%).

For January – August, compared to a year ago, the biggest price changes were in Housing, Water, Electricity, Gas and Other Fuels (21.6%) and Transport (16.0%).

Regarding the economic origin, the largest change when compared to August 2021 and the previous month’s index was observed in Energy, with percentages of 40.6% and -5.0%, respectively.