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Deflation at 0.4% in September

05/10/2017 16:56
Inflation declined 0.4% in September for the third consecutive month, according to a press release by the Statistical Service of Cyprus.

In September 2017, the Consumer Price Index increased by 0,28 units to 98,76 units compared to 98,48 units in August 2017. Compared to September 2016, CPI is decreased by 0,4% while for the period January - September 2017, CPI is increased by 0,7% compared to the corresponding period of the previous year.

In the twelve-month period from October 2016 to September 2017, in comparison to the period from October 2015 to September 2016, the annual average rate of change of the CPI was 0,3%. The corresponding annual average rate of change of the CPI in the previous twelve month period was -1,6%.

As regards the economic origin, when compared to the Index of September 2016, the largest change was observed in Agricultural Goods (-6,2%) while when compared to the Index of the previous month, the biggest change was monitored in Electricity with a decrease of 7,1%.

Compared to September 2016, decrease was noted in the following categories: Food and Non-Alcoholic Beverages (-2,8%) and Alcoholic Beverages, Tobacco (-2,6%) while increase was observed in Housing, Water, Electricity, Gas and Other Fuels (2,4%).

In comparison to the CPI of August 2017, increase was recorded in Clothing and Footwear (7,4%).

For the period January – September 2017, compared to the corresponding period of the previous year, the largest positive change was noted in Housing, Water, Electricity, Gas and Other Fuels (6,4%).

The category with the largest negative effect on the change of the CPI of September 2017 when compared to September 2016 was the Food and Non-Alcoholic Beverages (-0,47). The category Housing, Water, Electricity, Gas and Other Fuels (0,28) had a positive effect.

The category with the largest positive effect on the change of the CPI compared to the previous month, was the Clothing and Footwear (0,57) while Transport (-0,21) had the most negative effect.

Vegetables (-0,20) had the most notable negative effect on the change of the CPI of September 2017 compared to September 2016, whereas petroleum products (0,20) had the biggest positive effect.

Finally, clothing (0,42) had the most positive effect on the change of the CPI of September 2017 compared to the previous month, while air tickets (-0,28) that the most negative effect.