The annual rate of Harmonised Index of Consumer Prices (HICP) declined to 1.6%, driven downward mainly by the reduction in energy prices.
According to data released by the Statistical Service of Cyprus (Cystat), March HCIP amounted to 114.46 units compared with 113.60 the respective period of last year.
Compared with February 2024, the index rose by 0.8% whereas the HCIP reading for the period of January – March amounted to 2%.
On an annual basis, the highest reductions in March 2024 were registered in the Housing, Water Supply, Electricity, Gas and other fuels with 2.2%, and Furnishings, Household Equipment and Routine House Maintenance with 0.7%. The highest increase was recorded in Restaurants and Hotels with 5.7% and Recreation and Culture with 2.6%.
As far as economic categories are concerned, Energy declined by 3.9% in March year on year, whereas the services sector marked a significant increase amounting to 4.2%.
Source: Cyprus News Agency