Cyprus: Consumer prices drop at sharpest annual rate in seven months in January
Consumer prices dropped 1.06% over the previous month in January, down from December’s 0.70% drop and logging the lowest reading in nine months. January’s stronger decline was largely attributed to a sharper drop in prices for clothing and footwear.
Consumer prices declined 1.6% on an annual basis in January, following December’s 1.1% drop and marking the sharpest fall in prices since June 2020. Accordingly, the annual average variation in consumer prices declined, coming in at minus 0.9% (December: -0.6%). Lastly, harmonized consumer prices dropped 0.8% year-on-year in January, matching December´s 2020 fall.