Cyprus: Inflation accelerates in May
Consumer prices rose 0.63% over the previous month in May, softening from April’s 0.82% print. May’s downturn was largely owing to a softer increase in prices for housing and utilities. Meanwhile, prices for clothing and footwear tumbled over the previous month.
On an annual basis, consumer prices accelerated to 2.4% in May up from April’s 1.6% and logging the highest inflation rate in over two years. Accordingly, the annual average variation in consumer prices improved, coming in at minus 0.7% in May (April: -1.0%). Harmonized inflation accelerated to 1.5% in May, edging up from April’s 1.2% rise and logging the highest reading in over two years.