Inflation in Cyprus
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 |
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: Inflation accelerates in May
June 3, 2021
Consumer prices rose 0.63% over the previous month in May, softening from April’s 0.82% print.
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Cyprus: Economy contracts at milder pace in Q1
May 31, 2021
A second reading of national accounts data confirmed that the economy shrank at a softer rate of 1.6% year-on-year in the first quarter of the year, following the 4.5% contraction recorded in the prior quarter.
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Cyprus: Industrial output rises to over two-year high in March
May 28, 2021
Industrial production bounced back notably in March, expanding 8.3% in annual terms, contrasting February’s 8.1% decline and logging the best reading in more than two years.
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Cyprus: GDP drops again in Q1
May 18, 2021
The economy shrank a softer 1.6% in annual terms in the first quarter of 2021, following Q4 2020’s contraction of 4.5%.
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Cyprus: Inflation returns in April
May 6, 2021
Consumer prices rose 0.82% over the previous month in April, moderating from March’s 1.30% reading.
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