Cyprus: Inflation hits over decade high in July
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.