Cyprus inflation rate showed signs of decelerating in October following two months of prices increases in the previous months.

According to data released on Friday by the Cyprus Statistical Service (CyStat), the October 2023 Consumer Price Index increased by 0.30 units and reached 117.97 units compared to 117.67 units in September 2023, with the annual rate of inflation reaching 3.5%, down from 4.02% in the previous month.

For the period January-October 2023, the CPI increased by 3.9% compared to the corresponding period of the previous year, CyStat added.

As regards the economic origin, the largest positive change when compared to the index of October 2022 was recorded in agricultural goods with 6.9% which was significantly down compared with the 15.2% rate in the previous month. The categories of electricity and fuel accelerated at a rate of 5.35% and 3.08% respectively.

Analysing the effects to CPI in units, the category food and non-alcoholic beverages rose by 1.20 units registering the largest positive effect on the change of the CPI, whereas only communication had a negative impact with 0.02 units, CyStat said.