South's Inflation Slows Down in March
The rate of price increases in the market appears significantly reduced, as indicated by the data recently announced by Eurostat for the Harmonised Consumer Price Index. Meanwhile, protests continue from households, businesses, and political parties about the inflation that has been embedded in prices over the last two years, making it difficult for a large portion of consumers to cope.
The Consumer Price Index in South Cyprus rose by 1.6% annually in March, down from 2.1% the previous month.
On a monthly basis, comparing March to February, there was an increase of 0.7%. In March 2023, the inflation rate was 6.1%. However, the March data still includes the reduction in fuel consumption tax, which ended on April 1, 2024.
The food price index in March was 1.8%, down from 2.2% in February and 6.1% in March 2023.
In the Eurozone, the Harmonised Index of Consumer Prices (HICP) also slowed down, dropping to 2.4% annually from 2.6% in February, while analysts’ average estimate predicted it would remain unchanged.
Looking at the main components of inflation in the Eurozone, services are expected to have the highest annual rate in March at 4% (unchanged from February), followed by the category of food, alcohol, and tobacco at 2.7% (down from 3.9% in February), and non-energy industrial goods at 1.1% (down from 1.6% in February), while energy prices decreased by 1.8% annually (after a 3.7% decrease in February).
In any case, the encouraging inflation measurement in the Eurozone is expected to further strengthen the European Central Bank’s confidence that inflation is moving towards its 2% target, thereby paving the way for the interest rate cuts it plans.
Source: In-Cyprus
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