NICOSIA, Nov. 3 (Xinhua) -- Inflation continued to rise in Cyprus in October driven by an increase in the price of electricity and petroleum products, the Statistical Service of Cyprus (CYSTAT) said on Thursday.
The Consumer Price Index (CPI), which is a measure of the cost of basic household goods, increased by 8.8 percent in October compared to an increase of 8.7 percent in September.
Between January and October, the index rose by 8.4 percent compared to the corresponding period of 2021.
The largest year-on-year increases were in electricity (44.2 percent) and petroleum products (17.3 percent), CYSTAT said.
In a bid to contain inflation, the Governing Council of the European Central Bank last week raised its deposit rate by a further 75 basis points to 1.5 percent compared to the negative deposit rates that prevailed for the past eight years in the 19 eurozone countries.
The deposit rate hike has led to an increase in the lending rates on new and old bank loans. ■