inflation sectoral impact

Inflation Trends in Cyprus Reach a New High

In May 2024, Cyprus experienced a substantial 3% increase in inflation rates, with services like restaurants and hotels surging by 6.1% and transport costs rising by 5.6% due to spiking energy prices. These sectoral impacts have significantly impacted the cost of living for residents and visitors in Cyprus, highlighting the need for careful monitoring and potential interventions to address the challenges posed by inflation.