Cyprus Inflation Climbs To 2.6% In May 2026 Driven By Rising Oil Prices

Inflation Overview

Annual inflation in Cyprus reached 2.6% in May 2026, according to data released by the Statistical Service. Rising oil prices were among the main factors contributing to the increase. The Consumer Price Index (CPI) stood at 102.74 units in May, compared with 102.80 units in April, reflecting a monthly decline of 0.06 units. On an annual basis, however, prices continued to trend higher.

Sectoral Shifts And Monthly Trends

Compared with May 2025, the largest increases were recorded in Petroleum Products, which rose by 22.9%, and Agricultural Products, up 4.7%. Electricity and Water recorded the largest annual decline, falling by 3.7%. Every month, Electricity and Water posted the strongest increase at 5.5%, while Agricultural Products recorded the largest decrease, declining by 2.7%.

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Key Annual Variations

Among the main expenditure categories, Transport recorded the highest annual increase at 9.5% compared with May 2025. Clothing and Footwear registered the largest decline, falling by 8.2%. Other notable increases were recorded in Leisure, Sports and Culture, which rose by 4.6%, and Housing, Water Supply, Electricity, Natural Gas and Other Fuels, up 4.2%.

Information and Communication declined by 4.2% over the same period. Compared with April 2026, Housing, Water Supply, Electricity, Natural Gas and Other Fuels recorded the largest monthly increase at 1.8%, while Transport declined by 1.1%.

Impact On Consumer Price Index

According to the Statistical Service, the largest positive contributions to annual inflation came from Restaurants and Accommodation Services, Leisure, Sports and Culture, and Alcoholic Beverages and Tobacco. Health, Information and Communication, and Clothing and Footwear had the strongest downward effect on annual inflation. Monthly, Housing, Water Supply, Electricity, Natural Gas and Other Fuels, Transport, and Food and Non-Alcoholic Beverages made the largest contributions to changes in the CPI.

Among individual products and services, Leisure Services recorded the strongest positive impact compared with May 2025, while Mobile Communication Services had the largest negative effect. For month-on-month changes, Electricity contributed the most to upward price movements, whereas Vegetables exerted the strongest downward influence on the index.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

July 24, 2026

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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