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ECONOMY

Inflation Increases by 2% in January

Inflation Increases by 2% in January

In January 2019, the Consumer Price Index decreased by 0.95 units and reached 99.76 units compared to 100.71 units in December 2018. Compared to January 2018, the CPI increased by 2.0%.

In the twelve-month period from February 2018 to January 2019, in comparison to the period from February 2017 to January 2018, the annual average rate of change of the CPI was 1.7%. The corresponding annual average rate of change of the CPI in the previous twelve month period was 0.4%.

As regards the economic origin, when compared to the index of January 2018 the largest change was recorded in Electricity with an increase of 34.9%, while in comparison to the index of the previous month, the largest change was noted in Agricultural goods with a change of 10.4%

Compared to January 2018, the category Housing, Water, Electricity, Gas and Other Fuels recorded the largest positive change with a percentage of 10%.

In comparison to the CPI of December 2018, the largest negative change was noted in Clothing and Footwear (-16.9%).

The categories with the largest positive effect on the change of the CPI of January 2019 when compared to January 2018 were the following: Food and Non-Alcoholic Beverages (1.28 units) and Housing, Water, Electricity, Gas and Other Fuels (1.11 units).

The category with the largest negative effect on the change of the CPI compared to the previous month, was the Clothing and Footwear (-1.29 units) while Food and Non-Alcoholic Beverages had the highest positive effect (0.89 units).

The following products/services had the most notable positive effect on the change of the CPI of January 2019 compared to January 2018: fresh vegetables (1.07 units) and electricity (1.02 units), while petroleum products had the largest negative effect (-0.80 units).

Finally, the products with the most negative effect on the change of the CPI of January 2019 compared to the previous month were the following: clothing (-0.94 units) and petroleum products (-0.56 units). On the other hand, fresh vegetables had the largest positive effect (0.60 units).

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