CPI drops on monthly and annual basis

Cyprus Consumer Price Index (CPI) recorded a decrease in July 2020 on a monthly as well as on an annual basis.

According to figures by the Statistical Service of Cyprus, in July 2020, the Consumer Price Index decreased by 0,75 units and reached 98,52 units compared to 99,27 units in June 2020.

Compared to July 2019, the CPI decreased by 1,5%.

For the period January-July 2020, the CPI decreased by 0,4% compared to the corresponding period of the previous year.

As regards the economic origin, the largest change when compared both to the index of July 2019 and to the index of the previous month was recorded in Electricity with percentages of -23,3% and -11,3% respectively

Compared to July 2019, the categories Housing, water, electricity, gas and other fuels (-7,7%) and Transport (-5,1%) recorded the largest negative changes, whereas the category Clothing and Footwear had the largest positive change with a percentage of 6,1%.

In comparison to the CPI of the previous month, the largest negative change was in Clothing and Footwear (-6,5%), while the largest positive change was recorded in Transport (3,5%).

For the period January–July 2020, compared to the corresponding period of the previous year, the largest change was recorded in Transport with a percentage of -3,6%.

Compared to the Index of July 2019, the categories Housing, water, electricity, gas and other fuels (-0,94) and Transport (-0,78) had the largest effect on the change of the CPI.

The categories Food and non-Alcoholic Beverages(-0,51) and Clothing and Footwear (-0,47) had the largest negative effect on the change of the CPI compared to the previous month, whereas Transport (0,48) had the largest positive effect.

Petroleum products (-1,01) and electricity (-0,88) had the most notable effect on the  change of the CPI of July 2020 compared to July 2019.

Finally, fresh vegetables had the largest negative effect of  0,47 units on the change of the CPI of July 2020 compared to the previous month, whereas petroleum products had the largest positive effect of 0,40 units.