December prices down 0.6%, inflation closes at 0.5% in 2017


By Stelios Orphanides

Consumer prices dropped 0.6 per cent in December compared to the respective month of 2016 mainly on cheaper agricultural and industrial products, the statistical service said.

Prices for agricultural and products fell last month an annual 9.2 per cent and 0.7 per cent, Cystat said in a statement on its website on Thursday. Electricity prices also fell 3.2 per cent while the price of water remained unchanged. On the other hand, fuel prices went up 4.4 per cent and services became 0.5 per cent more expensive.

In January to December, the annual inflation rate was 0.5 per cent, Cystat said. The figure is close to the finance ministry’s initial forecast in October 2016, and half as much after an upwards revision a year later.


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Stelios Orphanides is a journalist at To contact Stelios Orphanides: [email protected]