Annual inflation in Cyprus is expected to be 2.6% in July 2024 from 3.0% in June, according to provisional estimates by Eurostat, the statistical office of the European Union.

In the Eurozone, annual inflation is anticipated to rise to 2.6% in July from 2.5% the previous month.

A year ago, in July 2023, the annual inflation rate was 2.4% in Cyprus and 5.3% in the Eurozone.

According to the estimates, the highest annual inflation rates in the Eurozone in July 2024 are expected in Belgium (5.5%, up from 5.4% the previous month and 1.7% last year), Estonia (3.5%, up from 2.8% the previous month and 6.2% last year), and the Netherlands (3.5%, up from 3.4% the previous month and 5.3% last year).

The lowest annual inflation rates in the Eurozone in July 2024 are expected in Finland (0.6%, up from 0.5% the previous month and 4.2% last year), Latvia (0.8%, down from 1.5% the previous month and 6.6% last year), and Lithuania (1.1%, up from 1.0% the previous month and 7.2% last year).

Regarding the main components of inflation in the Eurozone, services are expected to record the highest inflation rate in July (4.0%, down from 4.1% in June), followed by food, alcohol, and tobacco (2.3%, down from 2.4% in June), energy (1.3%, up from 0.2% in June), and non-energy industrial goods (0.8%, up from 0.7% in June).