Annual inflation drops in Cyprus, eurozone, and EU compared to April

The annual inflation rate was 3.6% in Cyprus, 6.1% in the eurozone and 7.1% in the EU in May 2023, according to figures published by Eurostat, the statistical office of the European Union. Compared to April, annual inflation recorded a drop in Cyprus (from 3.9%) as well as in the eurozone (from 7.0%) and the EU (from 8.1%).

The lowest annual rates were registered in Luxembourg (2.0%), Belgium (2.7%), Denmark and Spain (both 2.9%). The highest annual rates were recorded in Hungary (21.9%), Poland and Czechia (both 12.5%).

Compared with April, annual inflation fell in twenty-six Member States and rose in one.

In May, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+2.54 percentage points, pp), followed by services (+2.15 pp), non-energy industrial goods (+1.51 pp) and energy (-0.09 pp).