Cyprus: Harmonized inflation falls to over one-year low in May
Harmonized inflation came in at 3.6% in May, down from April’s 3.9%. May’s reading represented the lowest inflation rate since September 2021. Looking at the details of the release, prices for transportation fell at a faster pace, while prices for housing and utilities, and prices for recreation rose at softer rates. That said, prices for food inflation accelerated in May.
Annual average harmonized inflation fell to 7.4% in May (April: 7.9%). Meanwhile, consumer price inflation fell to 3.0% in May, from the previous month’s 3.7%.
Finally, harmonized consumer prices increased 0.35% in May over the previous month, slowing down from April’s 0.91% increase. May’s result marked the lowest reading since January.