Inflation in Cyprus continues to slow down but the price level of most consumer goods and services in July were still on the rise compared to the same month last year.
This is what data released on Monday by Eurostat – the statistical office of the European Union – shows.
Specifically, inflation in Cyprus in July stood at 2.4% compared to July 2022 which was as high as 10.6%.
However, as far as food prices go rose by 8.4% in July compared to the same month in 2022. Nonetheless, compared with June this year there was a slight decrease, specifically from 8.9% it fell to 8.4%.
This year’s July increase in food was added to the 6.9% increase recorded in the same product category in July 2022.
On a positive note, energy prices in Cyprus fell to 14.1% in July this year, compared to 15.4% in June – the previous month.
At the same time, Euro area annual inflation is expected to be 5.3% in July 2023, down from 5.5% in June.
Looking at the main components of euro area inflation, food, alcohol and tobacco is expected to have the highest annual rate in July (10.8%, compared with 11.6% in June).
This is followed by services (5.6%, compared with 5.4% in June), non-energy industrial goods (5.0%, compared with 5.5% in June) and energy (-6.1%, compared with -5.6% in June).