Cyprus inflation holds steady at 3% in June

In June, Cyprus’ annual inflation rate, as measured by the Consumer Price Index (CPI), remained steady at 3 per cent, mirroring the previous month’s figure. Notable price increases were observed in electricity, housing, water supply, and the hospitality sector, particularly in restaurants and hotels.

According to data from the Cyprus Statistical Service (Cystat), the CPI exhibited a 3.0 per cent annual rise in June, coupled with a 0.4 per cent increase from the previous month.

Over the first half of 2024, from January to June, the index saw a year-on-year rise of 2.3 per cent.

When compared to June 2023, the housing, water, electricity and liquefied petroleum gas (LPG) category saw the most notable surge, with a 6.4 per cent increase, closely followed by the restaurants and hotels sector, which went up by 5.3 per cent.

On a month-to-month basis, the most significant changes from May 2024 were observed in the restaurants and hotels sector, which climbed by 2.0 per cent, and the transportation category, which dropped by 1.5 per cent.

In economic terms, the largest annual increases in June were recorded in energy, which spiked by 9 per cent, services, which increased by 3.8 per cent, and food, alcoholic beverages and tobacco, which rose by 2.3 per cent.