Inflation in Cyprus decreased by 0.1% on an annual basis, according to data released Thursday by the Statistical Service of Cyprus. In April 2018, the Consumer Price Index increased by 0.60 units to 99.87 units compared to 99.27 units in March 2018. Compared to April 2017, the CPI is decreased by 0.1% while for the period January – April 2018, the CPI is decreased by 0.4% compared to the corresponding period of the previous year.
In the twelve-month period from May 2017 to April 2018, in comparison to the period from May 2016 to April 2017, the annual average rate of change of the CPI was -0.1%. The corresponding annual average rate of change of the CPI in the previous twelve-month period was -0.2%. As regards the economic origin, the largest change, when compared to the index of April 2017, was recorded in Electricity with a decrease of -5.5%. In comparison to the index of the previous month, an increase of 2,9% was observed in Agricultural goods.
Analysis of changes
Compared to April 2017, the largest negative change was noted in Alcoholic Beverages and Tobacco (-2.0%). In comparison to the CPI of March 2018, an increase was noted in Clothing and Footwear (3.9%). For the period between January-April 2018, compared to the corresponding period of the previous year, the largest negative change was noted in Food and Non-Alcoholic Beverages (-3.3%), while an increase was recorded in Transport (2.4%).
Analysis of effects
The category with the largest effect on the change of the CPI of April 2018 compared to the previous month, was the Clothing and Footwear (0.28). The products/services with the most notable effect on the change of the CPI of April 2018 compared to the previous month were the following: vegetables (0.27), footwear (0.16) and clothing (0.11).