Cyprus inflation shaply drops to 0.9% in May 2017 according to Eurostat

Cyprus inflation decreased to 0.9% in May 2017 from 2.1% in April 2017, according to a latest release form Eurostat.

Meanwhile Euro area annual inflation was 1.4% in May 2017, down from 1.9% in April. In May 2016 the rate was -0.1%. European Union annual inflation was 1.6% in May 2017, down from 2.0% in April. A year earlier the rate was -0.1%.

In May 2017, the lowest annual rates were registered in Ireland (0.0%), Romania (0.5%), Denmark and the Netherlands (both 0.7%). The highest annual rates were recorded in Estonia (3.5%), Lithuania (3.2%) and the United Kingdom (2.9%).

Compared with April 2017, annual inflation fell in twenty-four Member States, remained stable in one and rose in three. The largest upward impacts to euro area annual inflation came from fuels for transport (+0.19 percentage points), accommodation services (+0.07 pp) and heating oil (+0.06 pp), while telecommunications (-0.10 pp), garments (-0.06 pp) and social protection (-0.04 pp) had the biggest downward impacts.

Source: Cyprus News Agency