Harmonised inflation drops for seventh consecutive month

The annual Harmonised inflation rate in Cyprus for February dropped to 6.7%, continuing its downward trend for a seventh consecutive month following the peak of 10.6% registered in July last year.

According to data published by the Statistical Service of Cyprus (Cystat), the Harmonised Index of Consumer Prices (HCIP) amounted to 111.23 units, marking a reduction of 0.8% compared with January 2023.

For the period January – February 2023 the HICP rose by 6,8% compared to the corresponding period of the previous year.

Compared to February 2022, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels with an increase of 18.8% and Food and Non-Alcoholic Beverages with 9,5%.

According to Cystat only the category of communication marked an annual reduction with 3.3%.

Source: Cyprus News Agency