Inflation in Cyprus
Cyprus - Harmonized Inflation
Inflation comes in at highest level since our records began in May
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.
Cyprus - Harmonized Inflation Data
|Inflation Rate (HICP, annual variation in %)||-1.6||-1.2||0.7||0.8||0.6|
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Harmonized Inflation Chart
Source: National Statistical Service and FocusEconomics calculations.
|Exchange Rate||1.12||0.65 %||Dec 31|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
June 17, 2022
Consumer prices rose 0.92% from the previous month in May, which was below April's 2.39% rise.
June 1, 2022
Activity softened in the first quarter, with GDP expanding 5.9% year-on-year (Q4 2021: +6.4 yoy), chiefly driven by a dwindling base effect.
May 30, 2022
Industrial output rose 6.9% compared to the same month of the previous year in March, which was above February's 3.7% increase.
May 18, 2022
Consumer prices increased 2.39% in April over the previous month, accelerating from the 1.83% rise seen in March.
May 17, 2022
According to a preliminary estimate, GDP growth slowed to 5.8% year-on-year in the first quarter, from 6.4% in the fourth quarter of last year, mainly due to a dwindling base effect.