The annual inflation rate in Cyprus increased to 3.1% in August 2023, from 2.4% in July, while decreasing compared with August 2022 when it stood at 9.6%, according to figures published by Eurostat, the statistical office of the European Union. The annual inflation rate in the eurozone was 5.2% in August 2023, down from 5.3% in July. A year earlier, the rate was 9.1%. European Union annual inflation was 5.9% in August 2023, down from 6.1% in July. A year earlier, the rate was 10.1%. The lowest annual rates were registered in Denmark (2.3%), Spain and Belgium (both 2.4%). The highest annual rates were recorded in Hungary (14.2%), Czechia (10.1%) and Slovakia (9.6%). Compared with July, annual inflation fell in fifteen Member States, remained stable in one and rose in eleven. In August, the highest contribution to the annual euro area inflation rate came from services (+2.41 percentage points, pp), followed by food, alcohol and tobacco (+1.98 pp), non-energy industrial goods (+1.19 pp) and energy (-0.34 pp).
Source: Cyprus News Agency