Inflation in Cyprus
Cyprus - Inflation
Inflation comes in at highest level since our records began in July
Consumer prices rose by 1.24% in July, picking up from the 0.78% increase recorded in June. Looking at the details of the release, housing and utilities prices rose at a quicker pace in July compared to the previous month, while price pressures for transportation eased but remained elevated.
Inflation rose to 10.9% in July, following June’s 9.6%. July's reading marked a multi-decade high. Meanwhile, the trend pointed up, with annual average inflation coming in at 6.7% in July (June: 6.1%). Finally, harmonized inflation rose to 10.6% in July, from June’s 9.0%.
FocusEconomics panelists project harmonized inflation to average 7.1% in 2022, which is up 1.2 percentage points from last month’s forecast, and 2.9% in 2023.
Cyprus - Inflation Data
|Inflation Rate (CPI, annual variation in %)||-2.1||-1.4||0.5||1.4||0.3|
5 years of economic forecasts for more than 30 economic indicators.
Cyprus Inflation Chart
Source: National Statistical Service and FocusEconomics calculations.
|Exchange Rate||1.12||0.65 %||Dec 31|
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September 1, 2022
GDP growth lost momentum, falling to 5.8% year on year in the second quarter, from 6.2% in the first quarter.
August 18, 2022
Consumer prices rose by 1.24% in July, picking up from the 0.78% increase recorded in June.
August 17, 2022
According to a preliminary reading, GDP growth slowed to 5.8% year on year in the second quarter, from 6.2% in the first quarter. On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth lost steam, decelerating to 0.6% in Q2, following the previous period's 1.3% increase. Looking at the details of the release, hotels and restaurants, transportation, retail trade and entertainment were key drivers of growth, as tourism recovered and the impact of Covid-19 faded. Turning to Q3, the economy is expected to be sustained by a recovering tourism sector amid a milder pandemic situation and the removal of travel restrictions in June.
July 28, 2022
Industrial output rose 5.3% year on year in May (April: +2.2% yoy).
July 18, 2022
Consumer prices rose 0.78% over the previous month in June, which was below May's 0.92% rise.