Inflation returns in October

Latest reading: Harmonized consumer prices increased 0.2% on a year-on-year basis in October, following a flat reading in the prior month. Relative to the prior month's figures, there were higher price pressures for transportation (-1.3% in annual terms vs -1.9% in September), housing and utilities (-2.2% vs -3.8% in September) and restaurants and hotels (+5.2% vs +4.9% in September). In contrast, price pressures reduced for recreation in October (+5.2% vs +5.6% in September). Finally, the change in food and non-alcoholic beverages prices was the same as in the prior month (-2.0% in October and September). Meanwhile, consumer prices fell 0.3% in October, following a 0.6% decline in the prior month. Finally, harmonized consumer prices rose 0.05% in October on a month-on-month basis, following a 0.41% decline in the prior month.

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot inflation projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Cypriot inflation.

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