Inflation at -1.6% in January

Inflation in Cyprus continued to drop in January 2021 according to data released Thursday by the Statistical Service of Cyprus. The Consumer Price Index decreased by 1.06 units to 99.21 units compared to 100.27 units in December 2020. Compared to January 2020, the CPI decreased by 1.6%.

As regards the economic origin, the largest changes when compared to the index of January 2020 were recorded in Electricity and Agricultural goods with percentages of -12.9% and -11.2% respectively. In comparison to the index of the previous month, the largest change was recorded in Agricultural goods with a percentage of -5.0%.

Analysis of percentage changes

Compared to January 2020, the categories Housing, Water, Electricity, Gas and Other Fuels (-4.6%) and Food and non-Alcoholic Beverages (4.6%) recorded the largest negative changes, whereas the category Clothing and Footwear had the largest positive change with a percentage of 5.0%.

In comparison to the CPI of the previous month, the biggest change was noted in Clothing and Footwear (-13.3%).

Analysis of effects in units

Compared to the Index of January 2020, the categories Food and non-Alcoholic Beverages (-0.91) and Housing, water, electricity, gas and other fuels (-0.58) had the largest negative effect on the change of the CPI, whereas the category Clothing and Footwear (0.31) had the largest positive effect.

The category Clothing and Footwear (-1.01) had the largest effect on the change of the CPI compared to the previous month.

Petroleum products (-0.85) and fresh vegetables (-0.72) had the most notable negative effect on the change of the CPI of January 2021 compared to January 2020.

Finally, clothing (-0.62) had the largest effect on the change of the CPI of January 2021 compared to the previous month.