Cyprus Inflation August 2022

Cyprus

Cyprus: Harmonized inflation decreases in August

September 16, 2022

Harmonized inflation came in at 9.6% in August, down from July’s 10.6%. The reading was driven by moderating price pressures for food and non-alcoholic beverages, housing and utilities, and transportation.

The trend pointed up, with annual average harmonized inflation coming in at 6.8% in August (July: 6.3%). Meanwhile, consumer price inflation fell to 8.9% in August, from July’s 10.9%.

Lastly, harmonized consumer prices increased 0.51% in August over the previous month, below July's 1.69% increase. August's result marked the lowest reading since January.

FocusEconomics panelists project harmonized inflation to average 7.7% in 2022, which is up 0.2 percentage points from last month’s forecast, and 3.0% in 2023.


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Cyprus Inflation August 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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