The annual inflation rate in Cyprus slightly increased to 8.8% in October of 2022 from 8.7% in the previous month, remaining well above the European Central Bank's target of 2%. Prices rose at a faster pace for food & non-alcoholic beverage prices (13.16% vs 7.69% in September), furnishing & household equipment (6.65% vs 6.25%) and miscellaneous goods and services (3.88% vs 3.15%). On the other hand, inflation eased for housing & utilities (21.07% vs 27.26%) and transport (11.9% vs 13.79%), while a price decline was reported for clothing & footwear (-0.43% vs 0.13). On a monthly basis, consumer prices increased by 0.79%, following a 0.19% decline in the previous month. source: Statistical Service of the Republic of Cyprus
Inflation Rate in Cyprus averaged 3.71 percent from 1951 until 2022, 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 November of 2022.
Inflation Rate in Cyprus is expected to be 9.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cyprus Inflation Rate is projected to trend around 1.30 percent in 2023, according to our econometric models.