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ECONOMY

Inflation in Cyprus rises to 4.3% in November

Inflation in Cyprus rises to 4.3% in November

Inflation in Cyprus rose to 4.3% in November mainly due to the sharp rise in electricity and petroleum products prices.

According to a press release by the Statistical Service of Cyprus, in November 2021, the Consumer Price Index increased by 0.57 units and reached 105.36 units compared to 104.79 units in October 2021. In November 2021, the inflation increased by 4.3%. 

For the period January-November 2021, the CPI increased by 2.2% compared to the corresponding period of the previous year.

As regards the economic origin, the largest changes when compared to the index of November 2020 were recorded in Electricity (35.7%) and Petroleum products (30%). In comparison to the index of the previous month, the largest change was monitored in Electricity (7.5%). 

Analysis of percentage changes

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Compared to November 2020, the largest changes were recorded in the categories Housing, Water, Electricity, Gas and Other Fuels (16.9%) and Transport (16.3%).

In comparison to the CPI of the previous month, the largest change was noted in Housing, Water, Electricity, Gas and Other Fuels (2.9%).

For the period January–November 2021, compared to the corresponding period of the previous year, the largest positive change was recorded in Transport (8.1%), whereas the largest negative change was noted in Communication (-1.5%).

Analysis of effects in units

 ----------------------------

Compared to the Index of November 2020, the categories Transport (2.30) and Housing, Water, Electricity, Gas and Other Fuels (1.97) had the largest effect on the change of the CPI.

The category Housing, Water, Electricity, Gas and Other Fuels (0.39) and Transport (0.32) had the largest positive effect on the change of the CPI compared to the previous month, whereas the category Food and Non-Alcoholic Beverages had the largest negative effect (-0.22).

Petroleum products (2.14) and electricity (1.14) had the most notable effect on the change of the CPI of November 2021 compared to November 2020.

Finally, electricity (0.30) and petroleum products (0.27) had the largest positive effect on the change of the CPI of November 2021 compared to the previous month, whereas fresh vegetables (-0.23) had the largest negative effect.

Source: CNA

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