Inflation in Cyprus

Cyprus - Inflation
Inflation comes in at highest level since our records began in June
Consumer prices rose 0.78% over the previous month in June, which was below May's 0.92% rise. June's result marked the weakest reading since January 2022. The softer rise was primarily driven by falling prices for food and non-alcoholic beverages, and more subdued price rises for restaurants and hotels. On the other hand, transport prices grew at a series-record month on month pace.
Inflation increased to 9.6% in June, following May’s 9.1%. June's reading marked the highest inflation rate since our current records began. Annual average inflation rose to 6.1% in June (May: 5.6%). Finally, harmonized inflation ticked up to 9.0% in June, from the previous month's 8.8%.
FocusEconomics panelists see harmonized inflation averaging 5.9% in 2022, which is up 0.2 percentage points from last month’s forecast, and 2.2% in 2023.
Cyprus - Inflation Data
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Inflation Rate (CPI, annual variation in %) | -2.1 | -1.4 | 0.5 | 1.4 | 0.3 |
Cyprus 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 comes in at highest level since our records began in June
July 18, 2022
Consumer prices rose 0.78% over the previous month in June, which was below May's 0.92% rise.
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Cyprus: Industrial output records lowest growth since February 2021 in April
June 29, 2022
Industrial production expanded 0.6% year on year in April (March: +6.7% yoy).
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Cyprus: Inflation comes in at highest level since our records began in May
June 17, 2022
Consumer prices rose 0.92% from the previous month in May, which was below April's 2.39% rise.
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Cyprus: Economic growth moderates in Q1, but underlying momentum stays strong
June 1, 2022
Activity softened in the first quarter, with GDP expanding 5.9% year-on-year (Q4 2021: +6.4 yoy), chiefly driven by a dwindling base effect.
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Cyprus: Industrial output expands at quickest pace since August 2021 in March
May 30, 2022
Industrial output rose 6.9% compared to the same month of the previous year in March, which was above February's 3.7% increase.