Cyprus Inflation Rate Eases Slightly in May

The annual inflation rate in Cyprus eased to 2.55% in May 2026 from 2.83% in the previous month. Price growth moderated for food and non-alcoholic beverages (2.86% vs 4.76% in April) and personal care, social protection, and miscellaneous goods and services (0.68% vs 0.89%). Additionally, deflation deepened in clothing and footwear (-8.22% vs -5.29%), furnishings and home decoration, household equipment, and routine home maintenance (-1.10% vs -0.26%), and information and communication (-4.21% vs -1.99%). In contrast, costs increased faster for alcoholic beverages and tobacco (1.21% vs 0.81%), housing and utilities (4.22% vs 2.65%), transport (9.50% vs 8.17%), recreation, sports and culture (4.59% vs 4.15%), and restaurants and accommodation services (3.52% vs 3.27%). On a monthly basis, consumer prices fell 0.06%, reversing from a four-year high of 1.71% in the previous month.

The annual inflation rate in Cyprus climbed to 2.8% in April 2026 from 1.2% in the previous month. This marked the highest reading since August 2024, as prices rebounded sharply in transport (8.2% vs -0.1% in March) and housing and utilities (2.7% vs -1.9%), while rising at a faster pace for health (1.1% vs 0.7%) and recreation and culture (4.2% vs 2.9%). At the same time, prices remained unchanged for alcoholic beverages and tobacco (0.8%), education (3.7%), and restaurants and accommodation services (3.3%). In contrast, inflation moderated in food and non-alcoholic beverages (4.8% vs 6.2%) and personal care, social protection and miscellaneous goods and services (0.9% vs 1.2%), while deflation persisted in furnishings, household equipment and routine maintenance of the house (-0.3% vs 0.3%) and information and communication (-2.0% vs -1.8%). On a monthly basis, consumer prices rose 1.7% in April from 1.2% in the previous month.

The annual inflation rate in Cyprus surged to 1.15% in March 2026, up from 0.06% in February. This marks the highest level since April 2025, as petroleum product prices rebounded, rising 2.26% from a 7.42% decline. Upward price pressures came mainly from food and non-alcoholic beverages (6.2% versus 2.4%), recreation and culture (2.9% versus 2.4%) and health (0.7% versus 0.5%), while prices grew at a slower pace for restaurants and hotels (3.3% versus 4.7%) and alcoholic beverages and tobacco (0.8% versus 1%). Meanwhile, deflation slowed for transport (-0.1% versus -3.7%) and clothing and footwear (-5.8% versus -6.8%). On a monthly basis, consumer prices grew 1.21%, rebounding from a 0.12% decline in the previous month.