Consumer prices in Cyprus slumped 1.2 percent year-on-year in April of 2020 after increasing 0.7 percent in the previous month. It was the steepest decline in consumer prices since November of 2016, as coronavirus lockdown hit demand. Lower prices were recorded for food & non-alcoholic beverages (-1.3 percent vs 0.4 percent in March); transport (-7.5 percent vs -0.5 percent); housing & utilities (-0.2 percent vs 3.7 percent); clothing & footwear (-2.8 percent vs -0.9 percent); furnishings (-0.1 percent vs -0.4 percent) and alcoholic beverages & tobacco (-0.4 percent vs 0.2 percent). Also, inflation slowed for restaurants & hotels (1.4 percent vs 1.5 percent) and communication (3.4 percent vs 4.1 percent). On a monthly basis, consumer prices went down 1.5 percent, following a 0.1 percent increase in the previous month.
Inflation Rate in Cyprus averaged 3.72 percent from 1951 until 2020, reaching an all time high of 18.75 percent in July of 1951 and a record low of -3.59 percent in October of 1961. This page provides the latest reported value for - Cyprus Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Cyprus Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020.
Inflation Rate in Cyprus is expected to be 1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Cyprus to stand at 1.60 in 12 months time. In the long-term, the Cyprus Inflation Rate is projected to trend around 1.70 percent in 2021 and 1.80 percent in 2022, according to our econometric models.