Cyprus: Harmonized inflation drops to lowest level since March 2022 in January
Harmonized inflation fell to 6.8% in January, following December’s 7.6%. January’s figure marked the lowest inflation rate since March 2022. The sharper drop was primarily driven by slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for transportation softened and prices for recreation grew at a more subdued pace.
Annual average harmonized inflation ticked up to 8.2% in January (December: 8.1%). Meanwhile, consumer price inflation fell to 7.1% in January, from December’s 7.9%.
Lastly, harmonized consumer prices fell 1.43% in January over the previous month, a sharper drop than the 0.78% fall recorded in December. January’s result marked the weakest reading since September 2019.