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ECONOMY

Deflation Recorded in September on Annual Basis

Deflation Recorded in September on Annual Basis

Deflation of 0.9% was recorded on an annual basis in September, but inflation of 0.9% was recorded in the twelve-month period of October 2018 to September 2019, data released by the Cyprus Statistical Service show.

In September 2019, the Consumer Price Index increased by 0.57 units and reached 100.89 units compared to 100.32 units in August 2019, a press release published in the Statistical Service’s website says.

Compared to September 2018, the CPI fell by 0.9%, it adds.

However, in the twelve-month period from October 2018 to September 2019, in comparison to the period from October 2017 to September 2018, the annual average rate of change of the CPI was 0.9%, while during the corresponding previous twelve-month period the CPI increased by 0.8%.

Compared to the index of September 2018 the greatest change in economic origin was recorded in petroleum products (-10.1%), while compared to the index of the previous month, the greatest change was observed in Electricity, with a percentage of 3.4%.

Compared to September 2018, the category of transport recorded the greatest change with a percentage of -4,9%.

In comparison to the CPI of the previous month, the greatest change was noted in clothing and footwear and was of an order of 10%.

During the period between January – September 2019, compared to the corresponding period of the previous year, the greatest change was recorded in housing, water, electricity, gas and other fuels, which increased by 4.9%.

Compared to September 2018, the category transport had the greatest effect (-0.76) on the change of the CPI.

The clothing and footwear category had the greatest positive effect (0.65) on the change of the CPI compared to the previous month, while transport had the biggest negative effect (-0.52).

Petroleum products had the most notable effect (-0.87) on the change of the CPI of September 2019 compared to September 2018.

Clothing had the greatest positive effect of 0.47 units on the change of the CPI of September 2019 compared to the previous month, while air tickets had the biggest negative effect of 0.39 units.

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