Cyprus Inflation May 2022

Cyprus

Cyprus: Inflation comes in at highest level since our records began in May

June 17, 2022

Consumer prices rose 0.92% from the previous month in May, which was below April's 2.39% rise. May's result marked the weakest reading since January. The moderation was broad-based, with reduced price pressures recorded for food and non-alcoholic beverages, transportation, and housing and utilities. Moreover, prices for restaurants and hotels grew at a more subdued pace. That said, the month-on-month change in prices was still extremely elevated by recent historical standards.

Inflation came in at 9.1% in May, up from April’s 8.8%. May's reading represented the highest inflation rate since our current records began. Annual average inflation rose to 5.6% in May (April: 5.0%). Lastly, harmonized inflation rose to 8.8% in May, from the previous month's 8.6%.

FocusEconomics panelists project harmonized inflation to average 5.7% in 2022, which is up 0.7 percentage points from last month’s forecast, and 2.1% in 2023.


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Cyprus Inflation May 2022 1

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistical Service of Cyprus.


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