Cyprus annual inflation rate at 10.6%, higher than eurozone and EU averages

The annual inflation rate in Cyprus was at 10.6% in July 2022, according to data published by Eurostat, the statistical office of the European Union.

The annual inflation rate for Cyprus has increased compared to June, when it was at 9.0%, and compared to July 2021 when it was at 2.7%.

According to the same figures, the euro area annual inflation rate was 8.9% in July 2022, up from 8.6% in June. A year earlier, the rate was 2.2%.

The European Union annual inflation was 9.8% in July 2022, up from 9.6% in June. A year earlier, the rate was 2.5%.

The lowest annual rates were registered in France and Malta (both at 6.8%) and Finland (8.0%).

The highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%).

Compared with June, annual inflation fell in six Member States, remained stable in three and rose in eighteen.

In July, the highest contribution to the annual euro area inflation rate came from energy (an increase of 4.02 percentage points, pp), followed by food, alcohol and tobacco (2.08 pp increase), services (1.60 pp increase) and non-energy industrial goods (+1.16 pp increase).