NICOSIA, May 4 (Xinhua) -- Cyprus' inflation rate fell for a ninth consecutive month to 3.7 percent year-on-year in April, the lowest level since peaking at 10.6 percent in July 2022, the Statistical Service of Cyprus (CYSTAT) said on Thursday.
In April, the inflation rate in Cyprus was the lowest in the eurozone, slightly above that of Luxembourg and almost one-half of the eurozone average, which is expected to be 7 percent, up from 6.9 percent in March.
CYSTAT said that the slowdown in the inflation rate in April was due to an easing in the prices of electricity and fuel.
It added that prices also rose at a slower pace for food and non-alcoholic beverages, housing and utilities, household equipment and restaurants and hotels.
The European Central Bank (ECB) decided on Thursday to raise its main interest rates by 25 basis points (bps) in a bid to quell inflation. As of May 10, the interest rates on the main refinancing operations will be increased to 3.75 percent from the previous 3.5 percent, the bank said in a statement.
The interest rates hike would cause despair among thousands of Cypriot borrowers, who once again risk losing their homes as they are unable to pay their monthly loan installments, which had gone up by several hundred euros, said the local consumers association. ■