Inflation edges closer to double digits in June

Inflation in Cyprus in June edged closer to double-digits driven by the soaring prices in electricity and energy on the backdrop of the war in Ukraine.

According to the Statistical Service of Cyprus (CyStat) the annual inflation rate climbed to 9.6% in June with the Consumer Price Index reaching 112.4 units from 111.37 units the month before.

Of the 9.65 units change compared with June 2021, almost 55% of the impact is attributed to fuel prices (3.84 units) and electricity (1.55 units).

For the period January-June 2022, the CPI increased by 7.8% compared to the corresponding period of the previous year, CyStat added.

According to CyStat, the largest annual changes by economic origin, when compared to the index of June 2021 were recorded in Petroleum Products with 46.1%, Electricity with 40.4% and in Agricultural goods with 7.3%.

In comparison to the index of the previous month, the largest positive change was monitored in Petroleum Products 7.9%, while the largest negative change was monitored in Agricultural goods with a percentage drop of 7.8%, CyStat said.