Harmonised inflation in Dec. reached the highest level since Oct. 2008

The annual harmonised Index of Consumer Prices (HICP) rate in December 2021 reached 4.8% fueled mainly by energy prices, equaling the respective level of October 2008.

According to data released by the Statistical Service of Cyprus (Cystat), the HCIP for the period of January – December 2021 amounted to 2.3%, compared with the respective period of 2020, while the HCIP in December declined by 0.3% compared with the previous month of 2021.

Compared to December 2020, the largest changes were noted in Housing, Water, Electricity, Gas and Other Fuels and Transport with percentages of 15.8% and 13.7% respectively.

In terms of economic origin, the largest annual changes in December 2021 were recorded in Energy which soared by 28%. Compared with November 2021 energy declined by 1.6% in December, Cystat said.

For the period January – December 2021, compared to the corresponding period of the previous year, the largest change was noted in Transport with 8.6%.