Cyprus inflation hits 4% in June, among EU’s highest

Economy EurostatinflationTop News Cyprus inflation hits 4% in June, among EU’s highest Cyprus Inflation Hits 4% In June, Among Eu's Highest Relevant News Water supply cut in Larnaca tourist area until 3pm 2 July 2026 Cyprus inflation hits 4% in June, among EU’s highest 2 July 2026 Cyprus police deliver 13,000 fines in 20 days of new photoradar list 2 July 2026 Newsroom 2 July 2026 FacebookXWhatsAppEmailPrintViber Cyprus recorded one of the highest monthly inflation rates in the European Union in June, according to preliminary data released yesterday by Eurostat, despite a memorandum on ending hostilities in the Middle East having been in place for several days. The data shows Cyprus’s rate of price increases running well above the European average, a sharp reversal from January and February 2026, when Cyprus was among the EU states with the lowest inflation, at some points close to zero. According to Eurostat’s figures, based on the basket of products used by the European statistical agency, prices in Cyprus rose at a monthly rate of 1.2% in January 2026 and 0.9% in February. By May and June this year, that rate had climbed to 3.5% and 4% respectively. The preliminary data shows a slowdown in the rate of inflation across most eurozone members in June, which Eurostat’s figures frame as a positive development for most European markets. Cyprus, however, is among a small group of countries where the rate of price increases in retail and services continued to worsen. While all EU countries were affected by the energy crisis triggered by the US-Israeli strikes on Iran and Iran’s retaliation against Middle Eastern countries, the Eurostat data indicates that Cyprus has yet to benefit from the gradual de-escalation of hostilities and the partial return to normality in energy trade. As a result, prices in Cyprus continue to rise at an increasing rate, while in most other EU countries the pace of inflation appears to be easing. In the top five According to yesterday’s preliminary Eurostat data for June, processed by Euronews, annual inflation in the eurozone rose by 2.8% in June compared with June 2025, down from a 3.2% increase in May 2026 compared with May 2025. In Cyprus, inflation in June 2026 rose by 4% compared with the same month last year. Besides Cyprus, the countries with inflation well above the eurozone average in June were Lithuania, at 5.5%, Bulgaria, at 5.3%, and Croatia, at 4.2%. Greece followed Cyprus, at 3.9%. Malta recorded the lowest rate of price increases in the eurozone, at 1.9% compared with last June. Inflation also came in below the eurozone average in France and Estonia, both at 2%, Germany, at 2.4%, and Finland, at 2.7%. Compared with May 2026, prices in June this year rose by 1% in Malta, 0.8% in Cyprus, and by 0.6% in Spain and Lithuania. By contrast, the rate of price increases fell between May and June in Belgium, Bulgaria, Estonia and Luxembourg, by 0.4%, and in France, Austria and Finland, by 0.3%. The Eurostat data attributes much of the eurozone-wide price pressure to energy, after supply of energy products fell significantly following the disruption caused by the closure of the Strait of Hormuz and sharp rises in Brent crude and natural gas prices. Energy was 8.7% more expensive in the eurozone in June compared with June 2025, though this was down from a 10.8% rate recorded in May. Services added 3.2% to eurozone inflation and food added 1.6%, according to the data. Yesterday’s figures from the EU’s statistical agency appear to support analysts who predict the European Central Bank will not press ahead with further monetary tightening through additional interest rate rises, provided there are further signs of inflation easing in most EU countries. Read more: Eating out in Cyprus keeps getting pricier; and the data proves it Subscribe to our Newsletter Latest News Water supply cut in Larnaca tourist area until 3pm Cyprus police deliver 13,000 fines in 20 days of new photoradar list Cyprus business magnate Nikos Shacolas dies aged 98 Father to face court today over Xylofagou boys’ deaths Officer given recommendations days before Limassol wife shooting, sources say Things to do on Thursday, July 2 Cyprus temperatures to hit 37C on Thursday Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.