Cyprus: Consumer prices, on an annual basis, decline for the third successive month in August
September 5, 2019
Consumer prices rose 0.3% from the previous month in August, contrasting July’s 1.3% month-on-month decline. According to the Statistical Service of Cyprus (CYSTAT), August’s rebound was largely driven by higher prices for food and non-alcoholic beverages, and clothing and footwear.
Consumer prices, on an annual basis, slipped 0.7% in August, more sharply than the 0.3% dip logged in July and marking the third consecutive month of falling prices. Meanwhile, annual average inflation edged down to 1.3% in August from 1.5% in the previous month. Lastly, harmonized inflation for July—the latest month for which data is available—came in at 0.1%, down from 0.3% in June.
Author: Javier Colato, Economist