Cyprus Inflation March 2021

Cyprus

Cyprus: Consumer prices drop at milder pace in annual terms in March

April 5, 2021

Consumer prices rose 1.30% over the previous month in March, notably up from February’s 0.11% reading. March’s jump largely reflected a significant increase in prices for clothing and footwear, as well as rebounding prices for housing and utilities.

On an annual basis, consumer prices dropped 0.7% in March, following February’s 1.9% slide. Meanwhile, the annual average variation in consumer prices deteriorated, coming in at minus 1.3% in March (February: -1.1%). Lastly, harmonized consumer prices rose 0.3% year-on-year in March, contrasting February’s 0.9% drop and increasing for the first time in a year.

FocusEconomics panelists project harmonized inflation to average 0.7% in 2021, which is down 0.2 percentage points from last month’s forecast and 1.2% in 2022.


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Cyprus Inflation Chart


Cyprus Inflation March 2021

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistical Service of Cyprus.


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