Cost of consumer goods and services climbs to the highest level in the last thirteen years

Cyprus’ Harmonized Index of Consumer Prices in January 2022 increased by an annual 5%, climbing to the highest level of the last 13 years, mainly pushed by prices increases in energy and transport.

According to data released by the Statistical Service of Cyprus (Cystat), January’s HICP equaled the level recorded in September 2008.

Compared with the previous month (December 2021) the HICP dropped by 0.7% marking a monthly reduction for the second month following December drop of 0.3%.

According to Cystat, the largest annual changes in January 2021 were registered in Housing, Water, Electricity, Gas and Other Fuels which rose by 14,1% and by Transport with percentages which rose by 10.8% respectively, Cystat added.

By economic origin, in January 2022 the largest annual changes were recorded in Energy which spiked by 25.1% year on year.