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Cyprus Inflation June 2023

Cyprus: Harmonized inflation falls to over one-year low in June

Harmonized inflation came in at 2.8% in June, which was down from May’s 3.6%. June’s reading marked the lowest inflation rate since July 2021. Looking at the details of the release, housing and utilities prices dropped in June compared to the previous month, and prices for transportation fell at a sharper rate. Moreover, prices for recreation grew at a more subdued pace.

Accordingly, the trend pointed down, with annual average harmonized inflation coming in at 6.9% in June (May: 7.4%). Meanwhile, consumer price inflation fell to 1.9% in June, from the previous month’s 3.0%.

Finally, harmonized consumer prices increased 0.30% in June over the previous month, a smaller increase than the 0.35% rise seen in May. June’s result marked the lowest reading since January.

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