Cyprus inflation drops from 10.6% to 2.4%

The annual inflation rate in Cyprus was 2.4% in July 2023 (dropping from 2.8% in June 2023 and from 10.6% in July 2022), while also dropping to 5.3% in the eurozone (from 5.5% in June and 8.9% in July 2022), and to 6.1% in the EU (from 6.4% in June and 9.8% last year), according to figures published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Belgium (1.7%), Luxembourg (2.0%) and Spain (2.1%). The highest annual rates were recorded in Hungary (17.5%), Slovakia and Poland (both 10.3%).

Compared with June, annual inflation fell in nineteen member states (including Cyprus), remained stable in one and rose in seven.

In July, the highest contribution to the annual euro area inflation rate came from services (+2.47 percentage points, pp), followed by food, alcohol & tobacco (+2.20 pp), non-energy industrial goods (+1.26 pp) and energy (-0.62 pp).