Inflation hits 8.9% in August

Inflation in August 2022 increased by 8.9% in Cyprus, according to data published by the Statistical Service of Cyprus on Friday. The Consumer Price Index decreased by 0.29 units and reached 113.34 units, compared to 113.63 units in July 2022, with the drop in petroleum product prices being mainly responsible for the decrease.

In comparison to the CPI of July 2022, the largest change was noted in Transport, which decreased by 3.5%. The largest negative change was monitored in Petroleum Products, which dropped by 7.3%. On the other hand, agricultural goods increased by 3.42%, in comparison with the previous month.

As regards the economic origin, the largest changes when compared to the index of August 2021 were recorded in Electricity, by 62% and in Petroleum Products, by 31.6%. Per category, the largest changes were monitored in Housing, Water, Electricity, Gas and Other Fuels, which increased by 28.5% and Transport by 19.7%.

For the period January-August 2022, the CPI increased by 8.3% compared to the corresponding period of the previous year. Compared to the corresponding period of the previous year, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels, with an increase of 21.2% and Transport by 18.9%.

Regarding the effect in units, compared to the Index of August 2021, the categories Housing, Water, Electricity, Gas and Other Fuels and Transport had the largest effect on the change of the CPI, with 3.64 and 3.15 units accordingly.

The category Transport had the largest negative effect on the change of the CPI compared to the previous month, decreasing by 0.69 units.

The most notable effect on the change of the CPI of August 2022 compared to August 2021 was made by Petroleum Products by 2.83 and Electricity by 2.38.