Annual inflation at 1.1% in May

Annual inflation was recorded at 1.1% in May compared with the same month in the previous year, data released by the Cyprus Statistical Service, on Thursday, show.

In May 2017, the Consumer Price Index (CPI) fell by 0.31 units to 99.70 units compared to 100.01 units in April 2017, a Statistical Service press release says.

Compared to May 2016, CPI increased by 1.1% while for the period between January and May 2017, CPI also increased by 1.4% compared to the same period of the 2016.

In the twelve month period from June 2016 to May 2017, compared to the period from June 2015 to May 2016, the annual average rate of change of the CPI was 0.1%, the press release adds.

The corresponding annual average rate of change of the CPI in the previous twelve month period was -2.3%.

It is pointed out that the greatest change was observed in the area of electricity with an increase of 28.6% when compared to the index of May 2016.

Compared to May 2016, the category with the greatest positive change was Housing, Water, Electricity, Gas and Other Fuels (8.2%) while Alcoholic beverages and Tobacco (-2.9%) recorded the most negative change.

Compared to the CPI of April 2017, the category with the greatest drop was Transport (-1.4%) while an increase was recorded in the category of Food and Non-Alcoholic Beverages (0.6%).

For the period between January � May 2017, compared to the same period of 2016 the greatest positive change was noted in Housing, Water, Electricity, Gas and Other Fuels (7.3%), the press release says.

Source: Cyprus News Agency