Inflation in Cyprus reaches 9.6%

Inflation in Cyprus last month edged closer to the double digits, driven by the soaring prices in electricity and energy set against the backdrop of the war in Ukraine.

According to the Statistical Service of Cyprus (CyStat), the annual inflation rate climbed to 9.6% in June, with the Consumer Price Index reaching 112.4 points from 111.37 points the month before.

Of the 9.65-point change compared with June 2021, almost 55% of the impact is attributed to fuel prices (3.84 points) and electricity (1.55 points).

For the period January-June 2022, the CPI increased by 7.8% compared to the corresponding period of the previous year. According to CyStat, the largest annual changes were recorded in oil products with 46.1%, electricity with 40.4% and agricultural goods with 7.3%.

In comparison to the index of the previous month, the largest positive change was seen in oil products, 7.9%, while the largest negative change was observed in agricultural goods, with a drop of 7.8%, CyStat said.

Building permits dropped by an annual 10.7% in April, declining to 560 from 627 a year earlier, most likely as a result of inflation.