Cyprus Inflation June 2022

Cyprus

Cyprus: Inflation comes in at highest level since our records began in June

July 18, 2022

Consumer prices rose 0.78% over the previous month in June, which was below May's 0.92% rise. June's result marked the weakest reading since January 2022. The softer rise was primarily driven by falling prices for food and non-alcoholic beverages, and more subdued price rises for restaurants and hotels. On the other hand, transport prices grew at a series-record month on month pace.

Inflation increased to 9.6% in June, following May’s 9.1%. June's reading marked the highest inflation rate since our current records began. Annual average inflation rose to 6.1% in June (May: 5.6%). Finally, harmonized inflation ticked up to 9.0% in June, from the previous month's 8.8%.

FocusEconomics panelists see harmonized inflation averaging 5.9% in 2022, which is up 0.2 percentage points from last month’s forecast, and 2.2% in 2023.


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Cyprus Inflation June 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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