Cyprus’ annual inflation rate rose to 9.1 percent in May of 2022 from 8.8 percent in the previous month, the highest rate in the last 40 years. Main upward pressure came from housing and utilities (22.3 percent vs. 21.1 percent in April), transportation (20 percent vs. 18 percent), food and non-alcoholic beverage (8.6 percent vs. 11 percent). Prices were also higher for restaurants and hotels (8.1 percent vs. 7.2 percent) and furnishing and household equipment (6.4 percent vs. 4.2 percent). On a monthly basis, consumer prices advanced 0.91 percent, significantly dropping from a peak of a 2.4 percent increase from the previous month. source: Statistical Service of the Republic of Cyprus

Inflation Rate in Cyprus averaged 3.68 percent from 1951 until 2022, 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 2022.

Inflation Rate in Cyprus is expected to be 8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus Inflation Rate is projected to trend around 1.30 percent in 2023, according to our econometric models.

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Cyprus Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-05 09:00 AM Apr 8.8% 7.1% 9.6%
2022-06-03 09:00 AM May 9.1% 8.8% 9.2%
2022-07-07 09:30 AM Jun


Related Last Previous Unit Reference
Inflation Rate 9.10 8.80 percent May 2022
Consumer Price Index CPI 111.37 110.36 points May 2022
Harmonised Consumer Prices 110.06 109.38 points May 2022
GDP Deflator 107.21 105.43 points Mar 2022
Producer Prices 123.80 121.30 points Apr 2022
Inflation Rate Mom 0.90 2.39 percent May 2022
Food Inflation 8.58 11.04 percent May 2022
CPI Transportation 120.11 116.75 points May 2022
CPI Housing Utilities 134.58 132.78 points May 2022

Cyprus Inflation Rate
In Cyprus, the most important category in the consumer price index is Food and Non-Alcoholic Beverages (16.2 percent of total weight). Transport accounts for 15.2 percent; Housing and Utilities for 12.3 percent; Miscellaneous Goods and Services for 8.8 percent; Clothing and Footwear for 8.5 percent and Restaurants and Hotels for 8.4 percent. Furniture, Household Goods and Maintenance; Health; Recreation and Culture; Communication; Education and Alcoholic beverages and Tobacco account for the remaining 30.6 percent of total weight.
Actual Previous Highest Lowest Dates Unit Frequency
9.10 8.80 18.75 -3.59 1951 - 2022 percent Monthly

News Stream
Cyprus Inflation Rate Reaches 40-Year High
Cyprus’ annual inflation rate rose to 9.1 percent in May of 2022 from 8.8 percent in the previous month, the highest rate in the last 40 years. Main upward pressure came from housing and utilities (22.3 percent vs. 21.1 percent in April), transportation (20 percent vs. 18 percent), food and non-alcoholic beverage (8.6 percent vs. 11 percent). Prices were also higher for restaurants and hotels (8.1 percent vs. 7.2 percent) and furnishing and household equipment (6.4 percent vs. 4.2 percent). On a monthly basis, consumer prices advanced 0.91 percent, significantly dropping from a peak of a 2.4 percent increase from the previous month.
2022-06-03
Cyprus Inflation Rate at 4-Decade High
Cyprus’ annual inflation rate rose to 8.8 percent in April of 2022 from 7.1 percent in the previous month, the highest rate since February of 1982. Main upward pressure came from food and non-alcoholic beverage (11 percent vs 9.4 percent in March), housing and utilities (21.1 percent vs 16.6 percent), and transportation (18 percent vs 14 percent), amid surging prices for energy and agricultural commodities due to the war in Ukraine. Prices were also seen higher for restaurant and hotels (7.2 percent vs 4.7 percent) and furnishing and household equipment (4.2 percent vs 3.2 percent). On a monthly basis, consumer prices advanced 2.4 percent, the highest monthly rate since 1997, and picking up from an 1.8 percent increase from the previous month.
2022-05-05
Cyprus Inflation Rate at Near 30-Year High
Cyprus’ annual inflation rate rose to 7.1 percent in March of 2022, from 6.6 percent in the previous month, the fastest rise in consumer prices since September of 1992. Main upward pressure came mostly from food & non-alcoholic beverages (9.4 percent vs 8.0 percent in February) and housing & utilities (16.6 percent vs 13.3 percent), while inflationary pressures remained elevated in prices of transports (14.0 percent vs 14.8 percent). To a lesser extent, prices also rose faster for restaurants & hotels (4.7 percent vs 4.1 percent); recreation & culture (2.6 percent vs 2.2 percent) and miscellaneous goods & services (1.9 percent vs 1.7 percent). On a monthly basis, consumer prices advanced 1.8 percent, the highest monthly inflation rate in nearly three decades and quickening from a 1.2 percent increase in the previous month.
2022-04-07