Signs of inflation rate rise slowing
INCREASES in the prices of everyday goods and services appear to be slowing after almost a year of rocketing inflation, latest official monthly figures indicate.
According to the Consumer Prices Index published by the Statistical Institute, prices rose by an average of 3.31 per cent in August compared to July, which was the lowest monthly rise in prices since October 2021.
There was also only a slight increase in the annual inflation rate, which rose from 116.56 per cent in July to 118.18 per cent in August.
Since the start of 2022, prices have risen by an average of 70.38 per cent compared to December 2021.
According to the main expenditure groups, the highest price increase was in “Entertainment and Culture”, which was up by 20.66 per cent compared to the previous month, followed by “Miscellaneous Goods and Services” (6.83 per cent), “Furniture, Household Appliances and Home Care Services” (5.88 per cent), “Healthcare” (4.83 per cent), “Food and Nonalcoholic Beverages” (3.79 per cent), “Alcoholic Beverages and Tobacco” (2.85 per cent), “Restaurants and Hotels” (1.77 per cent), “Housing, Water, Electricity, Gas and Other Fuels” (1.28 per cent), “Education” (1.28 per cent) and “Communications” (1.14 per cent).
For the first time in months there were significant average price falls in two main expenditure groups, which were “Transportation” (-4.30 per cent) and “Clothing and Footwear” (-4.09 per cent).
The three goods with the highest price increase in August were newspapers, up by 100 per cent, courgettes (90.93 per cent) and lottery tickets (66.67 per cent).
The biggest price decreases were for grapes, which became 40.07 per cent cheaper, nectarines (-19.64 percent) and plums
(-17.58 per cent).
Meanwhile the Cyprus Turkish Civil Servants Union (KTAMS) has said that a family of four now needs at least 9,675TL a month to meets its basic nutritional needs.
KTAMS head Güven Bengihan said the breadline figure is now 1,075TL above the net minimum monthly wage of 8,600TL.