Cyprus recorded the highest deflation since June 2016 in May 2020. The Consumer Price Index decreased by 0.13 units and reached 99.69 units compared to 99.82 units in April 2020. Compared to May 2019, the CPI decreased by 1.5%.
For the period January-May 2020, the CPI increased by 0.1% compared to the corresponding period of the previous year.
Compared to May 2019, the category Transport recorded the largest change with percentage of -11.1%.
In comparison to the CPI of the previous month, the largest changes were noted in Food and non-Alcoholic Beverages and Transport with percentages of 3.2% and -3.2% respectively.
For the period January–May 2020, compared to the corresponding period of the previous year, the largest negative changes were recorded in Clothing and Footwear and Transport with percentages of 2.7% and 2.3% respectively, whereas the category Communication recorded a positive change of 2.6%.
Compared both to the Index of May 2019 and to the index of the previous month, the category Transport had the largest negative effect on the change of the CPI with -1.68 and -0.44 units respectively, whereas Food and non-Alcoholic Beverages had the largest positive effect with 0.70 and 0.61 units respectively.
Finally, petroleum products had the most notable negative effect on the change of the CPI of May 2020 compared both to May 2019 and to the previous month with -1.89 and -0.43 units respectively, while fresh fruits had the most notable positive effect with 0.56 and 0.83 units respectively.