Inflation in Cyprus
Cyprus - Harmonized Inflation
Inflation comes in at highest level since August 1992 in March
Consumer prices increased 1.83% in March over the previous month, picking up from February's 1.21% rise. March's uptick marked the highest reading since September 2005. Looking at the details of the release, housing and utilities prices rose in March after dropping in the previous month, while price pressures for transportation eased slightly.
Inflation came in at 7.1% in March, up from February’s 6.6%. March's reading represented the highest inflation rate since August 1992. Meanwhile, the trend pointed up, with annual average inflation coming in at 4.4% in March (February: 3.7%).
FocusEconomics panelists project harmonized inflation to average 4.8% in 2022, which is up 2.4 percentage points from last month’s forecast, and 1.7% in 2023.
Cyprus - Harmonized Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (HICP, annual variation in %) | -1.6 | -1.2 | 0.7 | 0.8 | 0.6 |
Cyprus Harmonized Inflation Chart
Source: National Statistical Service and FocusEconomics calculations.
Cyprus Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Cyprus: Industrial output growth drops to 10-month low in February
April 28, 2022
Industrial output expanded 3.4% year-on-year in February (January: +4.7% yoy).
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Cyprus: Inflation comes in at highest level since August 1992 in March
April 7, 2022
Consumer prices increased 1.83% in March over the previous month, picking up from February's 1.21% rise.
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Cyprus: Economic growth gains steam in Q4
March 4, 2022
A second reading of national accounts data revealed that GDP growth accelerated in the fourth quarter, rising to 6.4% year-on-year from 5.3% in the third quarter. Private consumption increased 6.4% in the fourth quarter, which was above the third quarter's 3.1% expansion.
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Cyprus: Industrial output growth picks gains momentum in December
February 25, 2022
Industrial output grew 4.7% year-on-year in December, slightly up from the 4.4% clocked in November.
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Cyprus: Inflation continues to rise in February
February 23, 2022
Consumer prices rose 1.21% from the previous month in February, which contrasted the 0.50% drop seen in January.
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