Inflation rate continues in negative territory for fifth consecutive month

Cyprus’ annual inflation rate in October declined to 1.0% continuing deflationist pressures for a fifth consecutive month.

According to data released on Thursday by the Cyprus Statistical Service (Cystat), in October 2019, the Consumer Price Index (CPI) increased by 0.40 units and reached 101.29 units compared to 100.89 units in the previous month.

Compared to October 2018, the CPI decreased by 1%, marking the highest reduction rate this year.

In the twelve-month period from November 2018 to October 2019, in comparison to the period from November 2017 to October 2018, the annual average rate of change of the CPI was 0.6%, while during the corresponding previous twelve-month period the CPI increased by 1%, Cystat added.

Compared to October 2018, the category Transport recorded the largest change with a percentage of – 5%.

Transport with -0.79 points had the largest effect on the change of the CPI on an annual basis, Cystat added.

On a monthly basis, the CPI was positively affected by Clothing and Footwear with 5.8%.

Source: Cyprus News Agency