Inflation in Cyprus saw a marked deceleration in November, falling to an annual rate of 1.7% from the 3.5% recorded in the previous month. This significant reduction was primarily attributed to decreases in fuel prices.

Data release from the Statistical Service of Cyprus (Cystat) reveals that the Consumer Price Index (CPI) for November 2023 declined by 1.46 units, settling at 116.51 units. This is a decrease from the 117.97 units recorded in October 2023.

Looking at the period from January to November 2023, the CPI experienced an increase of 3.7% compared to the same period in the previous year, as noted by Cystat.

In terms of economic origin, petroleum products exhibited the most notable changes. These products showed a 6.8% decrease compared to the November 2022 index and a 7.6% drop when compared to October 2023.

The largest month-over-month reduction was observed in the Transport sector, which fell by 4.9%, according to Cystat.

Cystat further reported that petroleum products had the most significant negative impact on the CPI, contributing to a decrease of 0.79 units compared to November of the previous year.

Meanwhile, total employment in Cyprus exhibited an annual increase of 1.3% during the third quarter of 2023.

The provisional data from the Statistical Service estimates total employment for this period at 481,321 individuals. This figure includes 431,870 employees and 49,451 self-employed persons.

This represents a 1.3% increase in total employment compared to the same quarter in 2022, signifying steady growth in the job market.

Notably, the largest percentage increases were observed in the sectors of Administrative and Support Service activities, Other service activities, and Accommodation and Food Services.

The actual hours worked in the third quarter of 2023 are estimated at 216,986 thousand, marking a 1.7% rise compared to the corresponding quarter of the previous year.