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Cyprus Inflation January 2023

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.

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