Cyprus: Inflation picks up in May from April
Latest reading: Harmonized consumer prices rose 3.5% on a year-on-year basis in May, following a 3.0% rise in the previous month. May’s reading was the strongest since October 2023.
Relative to the prior month’s figures, there were higher price pressures for transportation (+9.7% on a year-on-year basis vs +6.7% in April), housing and utilities (+2.9% vs +1.2% in April), recreation (+7.8% vs +6.8% in April) and restaurants and hotels (+7.7% vs +4.8% in April). In contrast, price pressures reduced for food and non-alcoholic beverages in May (+3.2% vs +5.2% in April).
Meanwhile, consumer prices increased 2.5% in May, following a 2.8% rise in the previous month.
Finally, harmonized consumer prices rose 0.75% in May in month-on-month terms, following a 2.22% increase in the previous month.