Producer Prices in Cyprus
Cyprus - Producer Prices
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 - Producer Prices Data
|Inflation (PPI, annual variation in %)||-5.1||-4.2||3.4||2.3||2.2|
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Producer Prices Chart
Source: National Statistical Service and FocusEconomics calculations.
|Exchange Rate||1.12||0.65 %||Dec 31|
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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.