Cyprus’s inflation rate fell to a three-year low of 0.7% in September 2024, driven by a decline in fuel prices, the Statistical Service reported on Thursday.
The Consumer Price Index (CPI) rose by 0.38 points to 118.48 in September 2024, compared to 118.10 in August 2024.
Petroleum products saw the largest decrease both year-on-year and month-on-month, falling by 11.40% and 4.78% respectively.
Compared to September 2023, the largest increase was observed in the Restaurants and Hotels category at 5.6%, while Transport saw the biggest decrease at 6.3%.
Month-on-month, Clothing and Footwear rose by 5.3% and Education by 2.7%, with Transport again showing the largest decrease at 3.4%.
Food and Non-Alcoholic Beverages had the most significant positive impact on the annual CPI change, contributing 0.90 points, followed by Restaurants and Hotels at 0.57 points.
Transport had the largest negative impact, subtracting 1.18 points. The Transport category also had the biggest effect on the month-on-month CPI change, with a negative impact of 0.61 points.
For the January-September 2024 period, the CPI increased by 1.9% compared to the same period last year.
The most significant changes during this period were in Restaurants and Hotels (5.7%) and Other Goods and Services (3.2%).
The Statistical Service noted that Miscellaneous Goods and Services, Catering Services, and Fresh Vegetables had the largest positive impacts on the annual CPI change, contributing 0.93, 0.56, and 0.36 points respectively.
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