Cyprus Inflation May 2021

Cyprus

Cyprus: Inflation accelerates in May

June 3, 2021

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.

FocusEconomics panelists project harmonized inflation to average 0.9% in 2021, which is up 0.2 percentage points from last month’s forecast and 1.2% in 2022.


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Cyprus Inflation Chart


Cyprus Inflation May 2021

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistical Service of Cyprus.


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