Cyprus Inflation July 2021

Cyprus

Cyprus: Inflation hits over decade high in July

August 5, 2021

Consumer prices rose 0.11% July over the previous month, cooling from June’s 0.31% rise. July’s moderation was largely attributed to a softer increase in prices for restaurants and hotels as well as nosediving prices for clothing and footwear. Meanwhile, prices for food non-alcoholic beverages bounced back in July.

Inflation came in at 4.0% in July, following May’s 3.1%. July’s reading represented the highest inflation rate since June 2011. Accordingly, the trend pointed up, with the annual average variation of consumer prices coming in at 0.2% in July (June: -0.3%). Lastly, harmonized inflation rose to 2.7% in July from 2.2% in June.

FocusEconomics panelists project harmonized inflation to average 1.0% in 2021, which is up 0.1 percentage points from last month’s forecast and 1.1% in 2022.


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Cyprus Inflation July 2021 0

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


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