Cyprus Mail

May inflation rate drops to 1.1%, Cystat says

The annual inflation rate dropped in May to 1.1 per cent from 2 per cent the month before, as the impact of higher energy prices on consumer prices fades away, the statistical service said.

Electricity and fuel prices rose 29 per cent and 8.2 per cent in May compared with the respective moth of 2016, after rising in April 40 per cent and 11 per cent, Cystat said in a statement on its website on Thursday.

Agricultural produce and services prices rose an annual 3.6 per cent and 0.5 per cent last month while those for industrial products excluding fuel dropped 1.2 per cent, Cystat said.

In January to May, consumer prices rose 1.4 per cent compared with the respective period of 2016, Cystat said.

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