Cyprus saw a 1.7% decline in inflation in November

In November, Cyprus's inflation rate noticeably drops to 1.7% despite changes in the economy.

Cyprus had a significant decrease in inflation in November, with the rate dropping from 3.5% to 1.7%, mostly as a result of lower gas prices.

Cysat data indicates that the Consumer Price Index (CPI) decreased by 1.46 units from October's 117.97 units to November 2023's 116.51 units.

An important factor was the 6.8% decline in petroleum products from November 2022 and the notable 7.6% reduction from October 2023. With a 4.9% decrease from the previous month, the transport sector had the most substantial decrease.

With a 0.79 unit decline from November 2022, petroleum products had the biggest negative impact on the CPI. These changes highlight the effects of changing fuel costs and industry-specific factors on Cyprus's economy.