Inflation in Cyprus, in May, dropped to 3.01%, a two-year-low, continuing its downward trend for the seventh consecutive month, mainly due to a fall in fuel prices.
According to data released by the Cyprus Statistical Service, the consumer price index (CPI) increased by 0.33 units in May to 114.72 units, compared to 114.39 units in April-2023.
For the period January to May 2002, the CPI increased by 5.2% compared to the corresponding period of the previous year.
The decrease was mainly due to the fall in the price of oil products, which was down by 8.3%. On the contrary, electricity recorded an increase of 8.3% year on year.
When analysed by economic activity, the largest positive change was registered in the category “Food and non-alcoholic beverages” with 8.4%, while the largest negative change was recorded in the category “Transport” with 5.2%, Cystat added.