Inflation at historic high of 7.1% in March

Inflation in Cyprus soared to 7.1% in March 2022, continuing its upward trend for the twelfth consecutive month. 

It is the highest recorded at least since 1995.

According to the Statistical Service of Cyprus, the Consumer Price Index increased by 1.94 units and reached 107.78 units compared to 105.84 units in February 2022.
 
For the period January-March 2022, the CPI increased by 6.4% compared to the corresponding period of the previous year.
 
Analysis of percentage changes

Compared to March 2021, the largest changes were monitored in the categories Housing, Water, Electricity, Gas and Other Fuels (16.6%) and Transport (14.0%).
 
In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear (8.7%).
 
For the period January – March 2022, compared to the corresponding period of the previous year, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels (14.7%) and Transport (14.1%).
 
Analysis of effects in units
 
Compared to the Index of March 2021, the categories Transport (2.09), Housing, Water, Electricity, Gas and Other Fuels (1.97) and Food and non-Alcoholic Beverages (1.78) had the largest effect on the change of the CPI.
 
The category Clothing and Footwear (0.59) had the largest effect on the change of the CPI compared to the previous month.
 
Petroleum Products (2.12), Electricity (1.04) and Fresh Vegetables (0,91) had the most notable effect on the change of the CPI of March 2022 compared to March 2021.
 
Finally, Clothing (0.40), Petroleum Products (0.35) and Electricity (0.31) had the largest positive effect on the change of the CPI of March 2022 compared to the previous month.