Annual inflation drops to 3.3% in October

Annual inflation in Cyprus is projected to decrease to 3.3% in October 2023, a drop from 4.3% in September, as per preliminary estimates released by Eurostat, the statistical agency of the European Union.

Across the eurozone, it is anticipated that annual inflation will reach 2.9% in October, marking a decrease from the 4.3% reported in September, in line with the same estimates.

Notably, the food, alcohol, and tobacco sector is expected to have the most significant impact on the euro area's annual inflation in October, with a rate of 7.5% compared to 8.8% in September.

Following closely are services at 4.6% (compared to 4.7% in September) and industrial goods, excluding energy, at 3.5% (compared to 4.1% in September).

Conversely, in the energy sector, the inflation index is anticipated to be -11.1% in October, a notable decrease from -4.6% in September.