Cyprus’ inflation rate eased slightly to 2.6 per cent in May 2026, according to figures released by the Cyprus Statistical Service (Cystat), although petroleum products continued to record the sharpest annual increase.
The Consumer Price Index (CPI) decreased by 0.06 points in May, reaching 102.74 units, compared with 102.80 units in April.
Despite the marginal monthly drop, prices remained higher than a year earlier, with the general index up by 2.55 per cent compared with May 2025. For the first five months of the year, inflation stood at 1.42 per cent compared with the same period of 2025.
Cystat said the largest annual increases by economic origin were recorded in petroleum products, which rose by 22.94 per cent, and agricultural goods, which increased by 4.72 per cent.
By contrast, electricity and water recorded the largest annual decrease, falling by 3.67 per cent, while industrial goods excluding petroleum products were down by 1.34 per cent.
On a monthly basis, however, the picture was different. Electricity and water recorded the largest increase compared with April, rising by 5.46 per cent, while agricultural goods posted the sharpest decline, falling by 2.72 per cent.
Services, which carry the largest weight in the index, rose by 3.12 per cent year-on-year, although they declined slightly by 0.27 per cent compared with April.
In annual terms, the strongest increase among the main categories was recorded in transport, which rose by 9.5 per cent.
This was followed by recreation, sports and culture, up by 4.59 per cent, and housing, water, electricity, natural gas and other fuels, which increased by 4.22 per cent.
Educational services also rose by 3.71 per cent, while restaurants and accommodation services increased by 3.52 per cent.
Food and non-alcoholic beverages were up by 2.86 per cent compared with May 2025, while alcoholic beverages and tobacco rose by 1.21 per cent.
At the same time, the largest annual decrease was recorded in clothing and footwear, which fell by 8.22 per cent.
Information and communication also declined by 4.21 per cent, while furnishings, household equipment and routine home maintenance were down by 1.1 per cent.
Compared with April 2026, the largest monthly increase was recorded in housing, water, electricity, natural gas and other fuels, which rose by 1.75 per cent.
Recreation, sports and culture increased by 0.53 per cent, alcoholic beverages and tobacco rose by 0.46 per cent, and restaurants and accommodation services were up by 0.43 per cent.
However, transport fell by 1.14 per cent month-on-month, while clothing and footwear declined by 0.77 per cent and food and non-alcoholic beverages fell by 0.59 per cent.
Cystat also reported that the largest positive contribution to the annual change in the CPI came from restaurants and accommodation services, which added 3.15 units.
This was followed by recreation, sports and culture, with 2.85 units, and alcoholic beverages and tobacco, with 1.87 units.
Housing, water, electricity, natural gas and other fuels also contributed 1.14 units, while transport added 0.82 units.
On the other hand, the largest negative annual contribution came from health, which reduced the index by 2.62 units.
Information and communication lowered the index by 1.73 units, while clothing and footwear reduced it by 1.37 units. Food and non-alcoholic beverages also had a negative effect of 0.95 units.
In month-on-month terms, the largest positive contribution came from housing, water, electricity, natural gas and other fuels, which added 0.21 units.
Restaurants and accommodation services contributed 0.05 units, while recreation, sports and culture added 0.04 units.
However, transport reduced the index by 0.18 units, while food and non-alcoholic beverages lowered it by 0.11 units.
Looking at specific goods and services, recreation services recorded the largest positive annual effect, adding 2.90 units to the CPI.
Catering services, including food and beverage services, followed with 2.76 units, while rents contributed 1.52 units.
The largest negative annual effect came from mobile communication services, which reduced the index by 1.50 units.
Insurance lowered the index by 1.13 units, while medicines and health products, as well as various other goods and services, each reduced it by 1.00 unit.
On a monthly basis, electricity had the largest positive effect, adding 0.19 units compared with April.
Fruits added 0.09 units, while fuels and lubricants contributed 0.07 units.
However, vegetables had the strongest negative monthly effect, reducing the index by 0.60 units.
Passenger transport also lowered the index by 0.24 units, while gas reduced it by 0.04 units.
Cystat said the CPI measures changes over time in the prices of consumer goods and services acquired, used or paid for by households.
The index covers the consumption expenditure of resident households, as well as households that intend to live in Cyprus for at least one year.
Prices are collected in the urban districts of Nicosia, Larnaca, Limassol and Paphos, with district weights of 40 per cent for Nicosia, 30 per cent for Limassol, 18 per cent for Larnaca and 12 per cent for Paphos.
The prices of 850 goods and services included in the CPI are recorded once a month, while prices for some seasonal products, meat and fuels are collected weekly.
The Consumer Price Index (CPI) decreased by 0.06 points in May, reaching 102.74 units, compared with 102.80 units in April.
Despite the marginal monthly drop, prices remained higher than a year earlier, with the general index up by 2.55 per cent compared with May 2025. For the first five months of the year, inflation stood at 1.42 per cent compared with the same period of 2025.
Cystat said the largest annual increases by economic origin were recorded in petroleum products, which rose by 22.94 per cent, and agricultural goods, which increased by 4.72 per cent.
By contrast, electricity and water recorded the largest annual decrease, falling by 3.67 per cent, while industrial goods excluding petroleum products were down by 1.34 per cent.
On a monthly basis, however, the picture was different. Electricity and water recorded the largest increase compared with April, rising by 5.46 per cent, while agricultural goods posted the sharpest decline, falling by 2.72 per cent.
Services, which carry the largest weight in the index, rose by 3.12 per cent year-on-year, although they declined slightly by 0.27 per cent compared with April.
In annual terms, the strongest increase among the main categories was recorded in transport, which rose by 9.5 per cent.
This was followed by recreation, sports and culture, up by 4.59 per cent, and housing, water, electricity, natural gas and other fuels, which increased by 4.22 per cent.
Educational services also rose by 3.71 per cent, while restaurants and accommodation services increased by 3.52 per cent.
Food and non-alcoholic beverages were up by 2.86 per cent compared with May 2025, while alcoholic beverages and tobacco rose by 1.21 per cent.
At the same time, the largest annual decrease was recorded in clothing and footwear, which fell by 8.22 per cent.
Information and communication also declined by 4.21 per cent, while furnishings, household equipment and routine home maintenance were down by 1.1 per cent.
Compared with April 2026, the largest monthly increase was recorded in housing, water, electricity, natural gas and other fuels, which rose by 1.75 per cent.
Recreation, sports and culture increased by 0.53 per cent, alcoholic beverages and tobacco rose by 0.46 per cent, and restaurants and accommodation services were up by 0.43 per cent.
However, transport fell by 1.14 per cent month-on-month, while clothing and footwear declined by 0.77 per cent and food and non-alcoholic beverages fell by 0.59 per cent.
Cystat also reported that the largest positive contribution to the annual change in the CPI came from restaurants and accommodation services, which added 3.15 units.
This was followed by recreation, sports and culture, with 2.85 units, and alcoholic beverages and tobacco, with 1.87 units.
Housing, water, electricity, natural gas and other fuels also contributed 1.14 units, while transport added 0.82 units.
On the other hand, the largest negative annual contribution came from health, which reduced the index by 2.62 units.
Information and communication lowered the index by 1.73 units, while clothing and footwear reduced it by 1.37 units. Food and non-alcoholic beverages also had a negative effect of 0.95 units.
In month-on-month terms, the largest positive contribution came from housing, water, electricity, natural gas and other fuels, which added 0.21 units.
Restaurants and accommodation services contributed 0.05 units, while recreation, sports and culture added 0.04 units.
However, transport reduced the index by 0.18 units, while food and non-alcoholic beverages lowered it by 0.11 units.
Looking at specific goods and services, recreation services recorded the largest positive annual effect, adding 2.90 units to the CPI.
Catering services, including food and beverage services, followed with 2.76 units, while rents contributed 1.52 units.
The largest negative annual effect came from mobile communication services, which reduced the index by 1.50 units.
Insurance lowered the index by 1.13 units, while medicines and health products, as well as various other goods and services, each reduced it by 1.00 unit.
On a monthly basis, electricity had the largest positive effect, adding 0.19 units compared with April.
Fruits added 0.09 units, while fuels and lubricants contributed 0.07 units.
However, vegetables had the strongest negative monthly effect, reducing the index by 0.60 units.
Passenger transport also lowered the index by 0.24 units, while gas reduced it by 0.04 units.
Cystat said the CPI measures changes over time in the prices of consumer goods and services acquired, used or paid for by households.
The index covers the consumption expenditure of resident households, as well as households that intend to live in Cyprus for at least one year.
Prices are collected in the urban districts of Nicosia, Larnaca, Limassol and Paphos, with district weights of 40 per cent for Nicosia, 30 per cent for Limassol, 18 per cent for Larnaca and 12 per cent for Paphos.
The prices of 850 goods and services included in the CPI are recorded once a month, while prices for some seasonal products, meat and fuels are collected weekly.
