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Cyprus recorded no inflation in September, standing out from the rest of the eurozone where consumer prices continued to rise, according to preliminary data released by the European Union’s statistics agency.
Eurostat estimated Cyprus’ annual inflation rate at 0%, the lowest in the bloc and the only member state with no year-on-year increase in prices. On a monthly basis, consumer prices on the island fell by 0.4%.
Across the 20-nation eurozone, inflation rose to 2.2%, slightly higher than August’s 2% and still above the European Central Bank’s 2% target. The increase was driven mainly by services, which posted a 3.2% annual gain, and by food, alcohol and tobacco at 3%. Energy remained a drag on prices, falling 0.4% year-on-year, though the decline was less steep than in previous months.
The figures show wide differences between countries. Estonia posted the highest annual inflation at 5.2%, followed by Croatia and Slovakia at 4.6% each. At the other end, France recorded 1.1% and Italy 1.8%. Greece saw a sharp slowdown, dropping from 3.1% in August to 1.8% in September.
In Cyprus, relative stability in energy and food costs, along with lower import prices, helped keep overall inflation at zero. Spain (3%) and Ireland (2.7%) showed signs of stabilization, while Cyprus remained the only eurozone country with no annual price increase.
