Cyprus Inflation Highest Since September 2023

(RTTNews) - Cyprus' consumer price inflation accelerated in August to the highest level in nearly three years amid higher transportation charges, preliminary data from the statistical office showed on Thursday.

The consumer price index climbed 3.5 percent year-on-year in August, faster than the 2.9 percent increase in July. Moreover, this was the highest inflation rate since September 2023, when prices rose 4.0 percent.

Inflation based on transportation quickened sharply to 11.4 percent from 6.0 percent a month ago. Meanwhile, the annual price growth in food and non-alcoholic beverages softened to 3.8 percent from 4.9 percent.

The deflation in clothing and footwear prices deepened to 6.3 percent from 5.9 percent, and housing and utilities inflation stood at 6.9 percent versus 7.2 percent in July.

On a monthly basis, consumer prices moved up 0.9 percent in August.