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Financial News: Cyprus Inflation Accelerates In May

Cyprus Inflation Accelerates In May

06/02/2022 - 06:46:00 (RTTNews)

(RTTNews) - Cyprus' consumer price inflation accelerated further in May, largely driven by higher costs for utilities and transport, data from the Statistical Service showed on Thursday.

Consumer prices climbed 9.1 percent year-over-year in May, faster than April's 8.8 percent increase.

Moreover, this was the highest rate of growth since the current trend of rising prices began in April 2021.

Utility costs alone surged 22.32 percent annually in May and those for transport also registered a double-digit growth of 20.0 percent.

Prices for food and non-alcoholic beverages rose 8.58 percent and restaurant and hotel charges grew 8.06 percent.

On a monthly basis, consumer prices edged up 0.92 percent in May.

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