ECONOMY: Cyprus inflation rising and running at 1.9%

In Cyprus inflation stood at 1.9% in October, slightly up from the 1.7% in September and much higher than 0.4% a year ago, according to Eurostat.

But the local inflation rate was lower than the euro area annual inflation rate was 2.2% in October, up from 2.1% in September. A year earlier, the rate was 1.4%.

European Union annual inflation was also 2.2% in October, up from 2.1% in September. A year earlier, the rate was 1.7%.

The lowest annual rates were registered in Denmark (0.7%), Portugal (0.8%) and Ireland (1.1%).

The highest annual rates were recorded in Estonia (4.5%), Romania (4.2%) and Hungary (3.9%).

Compared with September, annual inflation fell in eight Member States, remained stable in five and rose in 14.

In October, the highest contribution to the annual euro area inflation rate came from energy (+1.02 percentage points), followed by services (+0.65 pp), food, alcohol & tobacco (+0.42 pp) and non-energy industrial goods (+0.11 pp).