Harmonized inflation at 8.6% in October

Harmonized inflation slowed down in October, compared to the previous months, remaining however at high levels.

According to the Statistical Service of Cyprus, Harmonized Index of Consumer Prices in October 2022 increased by 8.6% compared to October 2021, while compared to the previous month it increased by 0.5%.

For the period January – October 2022, there was an increase of 8.2% compared to the corresponding period last year.

Harmonized inflation for October is the lowest recorded since April 2022 when it had risen again to 8.6%. From June to September 2022 the index did not fall below 9%, peaking at 10.6% in July.

Compared to October 2021, the largest changes were noted in Housing, Water, Electricity, Gas and Other Fuels (22.2%), Food and Non-Alcoholic Beverages (12.6%) and Transport (11.9%).

Compared to September 2022, the largest change was recorded in the Clothing and Footwear category (5.3%). 

For the period January - October 2022, compared to the corresponding period of the previous year, the largest changes were noted in Housing, Water, Electricity, Gas and Other Fuels (22.4%) and Transport (15.3%). 

As regards the economic origin, the largest change when compared to the index of October 2021 was observed in Energy with a percentage of 25.6%. When compared to the index of the previous month, the largest change was monitored in categories Energy (-2.4%) and Non energy industrial goods (2.3%).