The annual inflation rate in Cyprus declined to 0.6% in October, marking its lowest reading in more than three years, driven down mainly by the reduced prices in petroleum products.

According to data released on Thursday by the Statistical Service of Cyprus (CyStat), in October 2024, the Consumer Price Index increased by 0.16 units to 118.64 units compared to 118.48 units in September 2024.

The annual change stood at 0.6%, whereas for the period from January to October 2024, the CPI increased by 1.8% year on year.

By economic categories the largest annual reduction was registered in Petroleum Products with 12.75%.

Compared with September 2024, the largest change was recorded in Agricultural Products with -2.17%.