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Harmonised inflation climbed to a new high in May

17/06/2022 14:46

The Harmonised Index of Consumer Prices climb to a new all-time high in May driven upwards mainly by the continued prices hikes in energy.

According to data released by the Statistical Service of Cyprus (Cystat) the HCIP in May rose by 8.8% year on year, marking an increase of 0.6% compared with the previous month of this year.

HICP marks a new all-time high according to Cystat’s data following the previous record of 8.6% registered in April. Harmonised inflation follows an upward path since March 2021.

For the period January - May 2022 the HICP recorded an increase of 6.9% compared to the corresponding period of the previous year, Cystat said.

By economic origin, the HICP was pushed upwards mainly by Energy which saw a rise of 37.6% compared with May 2021 and by 4.9% compared with April 2022.

Compared to May 2021, the largest changes were noted in Housing, Water, Electricity, Gas and Other Fuels with 21.9%), Transport with 16.2% and Food and Non-Alcoholic Beverages with 10.6%).

Compared to April 2022, the largest change was recorded in category Restaurants and Hotels 3.1%, Cystat added.