Cyprus inflation dives to 1.6 pct y/y in May

Cypriot consumer price inflation fell to 1.6 percent year-on-year in May from an April reading of 2.4 percent, pushed down by a drop in the price of vehicles and vegetables.

The statistics service said that month on month, the CPI index eased 0.08 percent to 112.67 points compared to 112.76 points in April.

There was an increase in air fares, petroleum products, electricity and newspapers last month, the statistics service said.

For the first five months of the year, CPI in the euro zone member was running at 2.3 percent compared to the same period in 2009.