Inflation drops to a two-year low in May

14:41 - 01 June 2023

Economy

Inflation in Cyprus dropped to 3.01% in May, continuing its downward trajectory for a seventh consecutive month, mainly driven by the reduction of fuel prices.

Inflation in May marked the lowest point in the last two years.

According to data released by the Statistical Service of Cyprus, the Consumer Price Index in May increased by 0.33 units reaching 114.72 units compared to 114.39 units in April 2023.

For the period January-May 2023, the CPI increased by 5.2% compared to the corresponding period of the previous year.

The reduction was mainly driven by petroleum products which dropped by 8.3%. On the contrary Electricity recorded an increase of 8.3% year on year.

Analysed by economic origin, the largest positive change was registered in the category Food and Non-Alcoholic Beverages with 8.4%, while the largest negative change was recorded in the category Transport with 5.2%, Cystat added.

(Source: CNA)

Inflation drops to a two-year low in May

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