Consumer price index down 2.6%

The consumer price index dropped by 2.6 per cent last month over the previous month, the NSO said yesterday.

The 12-month moving average rate of Inflation also dropped although it was still well above the EU and eurozone average.

The NSO said the Harmonised Index of Consumer Prices went down to 108.57 from 111.46. This primarily reflected a decrease of 11.8 per cent in the Restaurants and Hotels Index, mainly due to seasonal price decreases in accommodation services.

In November, the 12-month moving average rate of inflation stood at 2.3 per cent (down from 2.7 per cent in October), whereas the annual rate of inflation stood at -0.1 per cent (down from from -0.5 per cent in October).

Meanwhile, the European Commission reported that in the eurozone annual inflation was 0.5 per cent in November, up from 0.1 per cent in October. In the EU annual inflation was one per cent in November, up from 0.5 per cent in October. A year earlier, the rate was 2.8 per cent.