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Inflation hit a two-year low in May

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The data of the Statistical Service

Σε χαμηλό δόο ετόν ο πληθωρισμός &tau ;ον Μàιο

The annual rate of inflation fell to 3.01% in May, continuing its downward trend for the seventh consecutive month, recording a de-escalation of prices, mainly of petroleum products.

Inflation fell to the lowest point in the last two years.

According to data published today by the Statistical Service, the Consumer Price Index in May 2023 increased by 0.33 points to 114.72 points compared to 114.39 points in April 2023.

For the period January – May 2023, the CPI stood at 5.2% compared to the corresponding period last year.

As regards the changes in the economic categories, the largest increase on an annual basis was recorded by Electricity with 8.3%, while the largest negative change was noted in Petroleum products with -14.0%.

The biggest impact on the change in the CPI of May 2023 compared to May 2022 was the categories Food and non Alcoholic Beverages (1.76) and Housing, Water Supply, Electricity and LPG (0.72), while the biggest negative effect was Transport (-0.96).

The Food and Non-Alcoholic Beverages category (0.35) had the greatest positive impact on the CPI change compared to the previous month.

The greatest impact on the change of the CPI of May 2023 compared to the index of May 2022 was Oil Products (-1.67

Source: www.kathimerini.com.cy

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