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Inflation slows to 1.7% in November

14:29 - 07 December 2023

Economy

Inflation in Cyprus marked a significant deceleration in November, dropping to an annual 1.7% from 3.5% the previous month, mainly driven by reductions in fuel prices.

According to Cysat, in November 2023 the Consumer Price Index (CPI) declined by 1.46 units to 116.51 units compared to 117.97 units in October 2023.

For the period January-November 2023, the CPI increased by 3.7% compared to the corresponding period of the last year.

As regards the economic origin, petroleum products had the largest change when compared both to the index of November 2022 with a drop of 6.8% and a decrease of 7.6%, compared with October 2023.

When compared with the previous month, the largest reduction was registered in Transport with 4.9%.

Petroleum products had the largest negative effects on the CPI with a drop of 0.79 units, compared with November 2022.

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