Inflation in Cyprus

Cyprus Harmonized Inflation | Economic News & Forecasts

Cyprus - Harmonized Inflation

Inflation accelerates in May

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%). Lastly, harmonized inflation came in at 1.2% in April—the last month for which data is available—following March’s 0.3% rise.

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.

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  

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Cyprus Harmonized Inflation Chart

Cyprus Inflation
Note: Annual variation of consumer price index (HICP) in %.
Source: National Statistical Service and FocusEconomics calculations.

Cyprus Facts

Value Change Date
Exchange Rate1.120.65 %Dec 31

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