Cyprus’ Consumer Price Index (CPI) experienced an increase to 117.84 units in May of this year, up from the 117.09 units recorded in April, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

This change, amounting to a 0.75-unit rise, marked a 2.7 per cent uptick in inflation, pointing to a more costly landscape for consumers.

The report noted that from January to May 2024, the CPI’s overall climb reached 2 per cent compared to the corresponding period in the previous year, showcasing sustained inflationary pressures across various sectors.

The most pronounced yearly increase was observed in petroleum products, surging by 10 per cent compared to May 2023.

Regarding monthly changes, agricultural goods led with a significant 6.3 per cent rise from the previous month.

Focusing on specific categories, restaurants and hotels experienced the largest annual growth rate at 6.0 per cent, closely followed by the transport sector, which saw a 5.4 per cent increase.

Comparatively, from April to May, the food and non-alcoholic beverages category recorded the highest increase, surging by 1.8 per cent.

The year-to-date analysis further reveals substantial increases in restaurants and hotels at 5.9 per cent, and miscellaneous goods and services at 3.7 per cent, underscoring the broader economic shifts affecting these sectors.

Furthermore, transport, restaurants, and hotels made the most significant contributions to the annual CPI change, with increments of 0.93 and 0.60 units respectively.

From April to May 2024, the food and non-alcoholic beverages category had the largest effect, increasing the CPI by 0.42 units.

The data also highlights notable contributions from petroleum products and catering services to the annual CPI, with increases of 0.91 and 0.6 units respectively.

Additionally, on a month-over-month basis, fresh vegetables and fresh fruit significantly impacted the CPI, contributing 0.33 and 0.29 units respectively.