Inflation rate in Cyprus eases to 6.7%

Inflation in Cyprus dropped for the seventh consecutive month to reach 6.7% in February. This is a significant decrease from the peak of 10.6% recorded in July 2022.

The Harmonized Index of Consumer Prices (HCIP) for February read 111.23 points, a decrease of 0.8% compared to January. For the period of January-February 2023, the HICP increased by 6.8% compared to the same period in the previous year.

The categories with the largest increases were Housing, Water, Electricity, Gas and Other Fuels, with an 18.8% increase, and Food and Non-Alcoholic Beverages, with a 9.5% hike. In contrast, communication marked an annual reduction of 3.3%.

Meanwhile, the hourly labor cost in Cyprus increased by 3.8% annually in the fourth quarter of 2022, compared to the same quarter of the previous year.

According to provisional data issued by the Statistical Service of...