Annual inflation dropping

The annual inflation rate in Cyprus was 2.4% in July, dropping from 2.8% in June and 10.6% in July 2022, according to Eurostat, the statistical office of the EU.

Inflation also dropped to 5.3% in the eurozone (from 5.5% in June and 8.9% in July 2022) and to 6.1% in the EU (from 6.4% in June and 9.8% last year),

The lowest annual rates were registered in Belgium (1.7%), Luxembourg (2.0%) and Spain (2.1%).

The highest annual rates were recorded in Hungary (17.5%), Slovakia and Poland (both 10.3%).

Compared with June, annual inflation fell in 19 member states, including Cyprus, and remained stable in one and rose in seven.

In July, the highest contribution to the annual euro area inflation rate came from services (+2.47 percentage points, pp), followed by food, alcohol & tobacco (+2.20 pp), non-energy industrial goods (+1.26 pp) and energy (-0.62 pp).