Cyprus records deflation in March due to electricity prices

Cyprus recorded a rate of deflation of 0.5% on an annual basis in March mainly due to electricity prices, data released by the Cyprus Statistical Service, on Thursday show.

In March 2018, Consumer Prices Index was recorded at 99.27 units, which is a marginal increase of 0.71 units compared to February.

On an annual basis, deflation of 0.5% was recorded, while the CPI also fell in the first quarter of 2018 by 0.5% on an annual basis.

Cyprus has been recording a rate of deflation since July 2017.

According to the official data the average index for the twelve months between April 2017 and March 2018 recorded a marginal annual increase of 0.1%.

The greatest change in the economic categories was observed in electricity which fell by 6.5% on an annual basis in March 2018, whilst recording an increase on a monthly basis of 1.3%.

In the goods and services categories, the category of foods, alcoholic and non-alcoholic beverages and tobacco was down by 4.3%.

Source: Cyprus News Agency