Cyprus inflation skyrockets to 3.1% in August

The annual inflation rate in Cyprus saw a rise to 3.1% in August 2023, up from 2.4% in July. However, it marked a notable decrease compared to August 2022 when it stood at a much higher 9.6%. This data comes from Eurostat, the Statistical Office of the European Union.

In the broader context of the eurozone, the annual inflation rate for August 2023 stood at 5.2%, showing a slight dip from the 5.3% reported in July. In August 2022, the figure was notably higher at 9.1%. Similarly, within the EU, the annual inflation rate for August 2023 was 5.9%, which was slightly down from 6.1% in July, but substantially lower than the 10.1% reported in August 2022.

When examining specific member states, the lowest annual inflation rates in August were observed in Denmark at 2.3%, as well as Spain and Belgium, both registering 2.4%.

Conversely, the highest annual indicators were recorded in Hungary at 14.2%, followed by the Czech Republic at 10.1%, and Slovakia at 9.6%.

Comparing the data with the previous month, annual inflation rates decreased in fifteen member states, remained stable in one, and increased in eleven.

In terms of contributors to the euro area's annual inflation rate for August, services played a significant role, contributing +2.41 percentage points, followed closely by food, alcohol, and tobacco, contributing +1.98 points. Non-energy industrial goods also had an impact, contributing +1.19 points, while energy showed a slight decrease, contributing -0.34 points.

[This article was translated from its Greek original]