Consumer prices in Cyprus decreased 1.5 percent year-on-year in July 2020, following a 2 percent fall in the previous month. It was the fourth consecutive month of deflation, as prices continued to drop for transport (-5.1 percent vs -8.3 percent in June); housing & utilities (-7.7 percent vs -4.8 percent); furnishings (-1.2 percent vs -1.4 percent); communications (-2.5 percent vs -2 percent); and alcoholic beverages & tobacco (-0.3 percent vs -0.8 percent). Also, cost of food & non-alcoholic beverages declined 1.5 percent, after increasing 0.6 percent in the prior month. On a monthly basis, consumer prices went down 0.8 percent, following a 0.4 percent decrease in June.
Inflation Rate in Cyprus averaged 3.70 percent from 1951 until 2020, reaching an all time high of 18.75 percent in July of 1951 and a record low of -3.59 percent in October of 1961. This page provides the latest reported value for - Cyprus Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Cyprus Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.
Inflation Rate in Cyprus is expected to be -0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Cyprus to stand at 1.00 in 12 months time. In the long-term, the Cyprus Inflation Rate is projected to trend around 1.30 percent in 2021 and 1.80 percent in 2022, according to our econometric models.