Inflation in Cyprus Hits Six-Month High at 2.7% in May
Rising Oil Prices Drive Significant Increase in Consumer Price Index
Inflation in Cyprus accelerated in May 2024, reaching a year-on-year increase of 2.7%, the highest rate in the past six months, primarily due to rising oil prices.
According to the Statistical Service, the Consumer Price Index (CPI) for May 2024 increased by 0.75 points to 117.84 points, compared to 117.09 points in April 2024.
On an annual basis, inflation in May 2024 grew by 2.7%, the highest rate since November 2023.
Data from the Statistical Service indicate that after dipping to its lowest level since April 2021 at 1.21% in March 2024, inflation climbed to 2.36% in April 2024.
Compared to the previous month (April 2024), inflation rose by 0.64%.
For the period January – May 2024, the CPI increased by 2.0% compared to the same period last year.
The Statistical Service reported that the most significant change among economic categories, compared to May 2023, was in Oil Products, which saw a 10.0% increase. This was followed by Services with a 3.38% increase, Agricultural Products with a 2.84% increase, and Electricity with a 1.97% increase.
Compared to the previous month, the largest change was in Agricultural Products, which increased by 6.3%.
Compared to May 2023, the most significant changes were observed in the categories of Restaurants and Hotels (6.0%) and Transportation (5.4%).
Compared to April 2024, the most significant change was in the category of Food and Non-Alcoholic Beverages (1.8%).
For the period January – May 2024, compared to the same period last year, the most significant changes were observed in the categories of Restaurants and Hotels (5.9%) and Other Goods and Services (3.7%).
The categories with the most significant positive impact on the CPI change in May 2024, compared to May 2023, were Transportation (0.93 points) and Restaurants and Hotels (0.60 points).
The category with the most significant impact on the CPI change compared to the previous month was Food and Non-Alcoholic Beverages (0.42 points).
The categories with the most significant impact on the CPI change in May 2024 compared to May 2023 were Oil Products (0.91 points) and Catering Services (0.60 points).
