Cyprus inflation data varies by reporting source for May 2026

Economic data for Cyprus in May 2026 presents varying figures depending on the source. The Cyprus Statistical Service (Cystat) reported an annual inflation rate of 2.6 per cent, noting that petroleum products experienced the sharpest annual increase at 22.94 per cent. Conversely, Eurostat’s flash estimate for the Harmonised Index of Consumer Prices (HICP) placed the annual inflation rate at 3.7 per cent, rising from 3 per cent in April. This Eurostat figure exceeds the euro area average of 3.2 per cent. Cystat highlighted that while electricity and water prices rose significantly on a monthly basis by 5.46 per cent, they saw an annual decrease of 3.67 per cent. Transport recorded the highest annual increase among major categories at 9.5 per cent. Local media reports link the higher HICP inflation figures to rising energy costs allegedly driven by the conflict in the Middle East. The full HICP dataset is scheduled for publication by Eurostat on June 17.