03.09.2022
Inflation in August 2022 in Cyprus rose by 8.9%, according to data published by the Statistical Service of Cyprus on Friday.
The consumer price index fell by 0.29 units. up to 113.34 units compared to 113.63 units. in July 2022. The main reason for the decline was the fall in prices for petroleum products.
Compared to the July 2022 CPI, the biggest change was in the transport sector, which was down 3.5%. The greatest negative change was observed in the segment of oil products, which decreased by 7.3%.
On the other hand, agricultural goods increased by 3.42 percent compared to the previous month.
In terms of economic origin, the biggest changes compared to August 2021 were recorded in the electricity industry by 62 percent and in oil products by 31.6 percent. For each category, the biggest changes were in housing, water, electricity, gas and other fuels, which grew by 28.5%, while transport grew by 19.7%.
For the period from January to August 2022, the CPI increased by 8.3 percent compared to the corresponding period of the previous year.
Compared to the corresponding period of the previous year, the largest changes were recorded in the housing sector, water supply, electricity, gas and other fuels with an increase of 21.2% and transport by 18.9%.
As for the effect in units, compared to the Index for August 2021, the categories “Housing”, “Water”, “Electricity”, “Gas and other fuels” and “Transport” had the greatest impact on the change in the CPI – 3.64 and 3.15 units respectively.
The category “Transport” had the greatest negative impact on the change in the CPI compared to the previous month, decreasing by 0.69 units.
The most noticeable impact on the change in the CPI in August 2022 compared to August 2021 was made by oil products by 2.83 and electricity by 2.38.
