Inflation in Cyprus increased in April 2021 by 1.6%, in relation to the corresponding month of 2020, mainly due to increase in petroleum and electricity. It is the first month of inflation since the outbreak of the pandemic in Cyprus in March 2020.
Deflation of 1.21% was recorded in April 2020, while deflationary pressures continued until March 2021.
According to a press release issued on Thursday by the Statistical Service of Cyprus, in April 2021, the Consumer Price Index increased by 0.82 units and reached 101.43 units compared to 101,61 units in March 2021.
For the period January-April 2021, the CPI decreased by 0.7% compared to the corresponding period of the previous year.
As regards the economic origin, the largest change when compared to the index of April 2020 was recorded in Petroleum products (15.1%) In comparison to the index of the previous month, the largest change was monitored in Electricity (10.5%).
Analysis of percentage changes
Compared to April 2020, the largest changes were monitored in the categories Transport (8.3%) and Clothing and Footwear (3.9%).
In comparison to the CPI of the previous month, the largest changes were noted in Clothing and Footwear (4.0%) and Housing, Water, Electricity, Gas and Other Fuels (3.0%).
For the period January–April 2021, compared to the corresponding period of the previous year, the largest changes were recorded in Communication (-3.8%), Food and non-Alcoholic Beverages (-3.0%) and Housing, Water, Electricity, Gas and Other Fuels (-2.9%).
Analysis of effects in units
Compared to the Index of April 2020, the category Transport (1.16) had the largest effect on the change of the CPI.
The categories Housing, Water, Electricity, Gas and Other Fuels (0.36) and Clothing and Footwear (0.29) had the largest effect on the change of the CPI compared to the previous month.
Petroleum products (1.02) had the most notable effect on the change of the CPI of April 2021 compared to April 2020.
Finally, electricity (0.34) and petroleum products (0.18) had the largest effect on the change of the CPI of April 2021 compared to the previous month.