The annual inflation rate in Cyprus eased to 8.90% in August of 2022, from 10.9% in July, which was the highest level since 1981. Biggest price changes were seen in the categories of housing, water, electricity, gas and other fuels (28.5% vs 29.2% in July), and transport (19.7% vs 25.3% in July). Monthly, consumer prices fell 0.26%, the first decline in seven months, and following a 1.28% rise in July. source: Statistical Service of the Republic of Cyprus

Inflation Rate in Cyprus averaged 3.70 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 October of 2022.

Inflation Rate in Cyprus is expected to be 10.20 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
2022-08-04 09:00 AM Jul 10.86% 9.6% 11.4%
2022-09-02 09:00 AM Aug 8.9% 10.86%
2022-10-06 09:00 AM Sep 8.9% 9.4%

Related Last Previous Unit Reference
Inflation Rate 8.90 10.86 percent Aug 2022
Consumer Price Index CPI 113.34 113.63 points Aug 2022
Harmonised Consumer Prices 113.80 113.22 points Aug 2022
GDP Deflator 111.21 107.21 points Jun 2022
Producer Prices 140.40 140.00 points Aug 2022
CPI Transportation 125.30 129.84 points Aug 2022
Inflation Rate MoM -0.26 1.24 percent Aug 2022
Food Inflation 2.32 7.52 percent Aug 2022
CPI Housing Utilities 146.55 147.25 points Aug 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
8.90 10.86 18.75 -3.59 1951 - 2022 percent Monthly

News Stream
Cyprus Inflation Rate Hits Highest Level Since 1981
The annual inflation rate in Cyprus rose to 10.9 percent in July of 2022 from 9.6 percent in the previous month. It was the highest inflation rate since August 1981, as prices advanced faster for transport (25.3 percent vs. 24.7 percent in June), housing & utilities (29.2 percent vs. 23.5 percent), and clothing & footwear (2.5 percent vs. a flat reading in June). On the other hand, food & non-alcoholic beverage prices eased further (7.5 percent vs. 7.9 percent). Monthly, consumer prices advanced 1.2 percent, accelerating from a 0.8 percent rise in June.
Cyprus Inflation Rate at Near 41-Year High
The annual inflation rate in Cyprus rose to 9.6 percent in June of 2022 from 9.1 percent in the previous month. It was the highest inflation rate since December 1981, underpinned by prices of housing and utilities (23.5 percent vs 22.3 percent in May); transportation (24.7 percent vs 20 percent),; and restaurants and hotels (8.2 percent vs 8.1 percent). Meanwhile, prices eased for food and non-alcoholic beverages (7.9 percent vs 8.6 percent); clothing and footwear (0 percent vs 3.2 percent); and furnishing and household equipment (5.7 percent vs 6.4 percent). On a monthly basis, consumer prices advanced 0.8 percent, slowing from a 0.9 percent rise in May.
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.