Record high for inflation in Cyprus

Record high for inflation in Cyprus

Cyprus’ Harmonized Index of Consumer Prices (HICP), or the cost of consumer goods and services, increased by 9% in June, when compared to the index of June 2021, setting a new record high, while continuing its upward course for the 16th consecutive month due to the continuous increases in energy prices.

According to data published by the island’s Statistical Service (CyStat) on Tuesday, when compared to the index of May 2022, the HICP increased by 1.2%. For the period January-June 2022 the HICP recorded an increase of 7.3% compared to the corresponding period of the previous year.

Compared to June 2021, the largest changes were noted in housing, water, electricity, gas and other types of fuel, which increased by 23%, transport by 20% and food and non-alcoholic beverages by 8.2%.

Compared to May 2022, the largest change was recorded in the transport category, which increased by 4.6%.

With regards to the economic origin, the largest change when compared both to the index of June 2021 and to the index of the previous month, was observed in energy at rates of 43.6% and 7% respectively.

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