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Energy Prices Push August Inflation Spike

Energy Prices Push August Inflation Spike

Inflation in Cyprus spiked by an annual 5% pushed upwards mainly by rising energy prices, according to data released by the Cyprus Statistical Service of Cyprus.

The Consumer Price Index increased by 1.59 units and reached 104.09 units compared to 102.50 units in July 2021. Inflation in Cyprus increased for the fifth consecutive month.

For the period January-August 2021, the CPI increased by 1.5% compared to the corresponding period of the previous year, Cystat added.

According to Cystat, compared to August 2020, the largest changes were monitored in the categories Housing, Water, Electricity, Gas and Other Fuels with 14.4%, Transport 10.8% and Food and Non-Alcoholic Beverages 8.2%.

In terms of economic origin, the largest changes when compared to the index of August 2020 were recorded in Electricity with 39.8%, Petroleum products 21.4% and Agricultural goods 20.2%.

Pushed by soaring oil prices internationally, electricity prices in Cyprus spiked by 38% in August, EAC Spokeswoman Christina Papadopoulou told CAN, while prices were also pushed upwards due to the termination of a 10% discount in electricity prices which was terminated in September 2020.

Compared with the previous month of 2021, inflation rose by 1.55%. In comparison to the index of the July 2021, the largest change was monitored in Agricultural goods 16,1%, Cystat added.

Source: CNA

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