Inflation in Cyprus drops to lowest in 25 months

Inflation in Cyprus reached its lowest level in 25 months in June 2023 and stood at 1.9% on an annual basis, mainly due to the decline in food prices.

According to the Statistical Service, the Consumer Price Index (CPI) and thus inflation decreased in June 2023 by 0.34 points to 114.38 points, compared to 114.72 points in May 2023.

Inflation in June 2023 increased by 1.9% compared to June 2022.

This is the lowest inflation rate since May 2021. Inflation reached an all-time high in Cyprus in July 2022, when it recorded an increase of 10.86%.

The June 2023 inflation rate of 1.9% puts inflation in Cyprus within the target set by the European Central Bank for the eurozone, which is for inflation to be close to and below 2%.

For the period January-June 2023, the CPI increased by 4.6% from last year.