Cyprus Mail

Annual inflation in May stood at -1.4% in Cyprus

In May 2020, euro area annual inflation rate was 0.1 per cent, down from 0.3 per cent in April. A year earlier, the rate was 1.2 per cent. The European Union annual inflation was 0.6 per cent in May 2020, down from 0.7 per cent in April. In 2019, the rate was 1.6 per cent.

In Cyprus inflation was -1.4 per cent in May 2020 down from -1.2 per cent in April and 0.2 per cent a year earlier. In Greece inflation was -0.7 per cent in May 2020, -0.9 in April 2020 and 0.6 per cent in May 2019. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Estonia (-1.8 per cent), Luxembourg (-1.6 per cent), Cyprus and Slovenia (both -1.4 per cent). The highest annual rates were recorded in Poland (3.4 per cent), Czechia (3.1 per cent) and Hungary (2.2 per cent). Compared with April, annual inflation fell in twenty Member States, remained stable in two and rose in five. In May, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+0.64 percentage points, pp), followed by services (+0.59 pp), non-energy industrial goods (+0.06 pp) and energy (-1.20 pp).

Meanwhile in April 2020, the COVID-19 containment measures widely introduced by Member States continued to have a significant impact on production in construction, as the seasonally adjusted production in the construction sector decreased by 14.6 per cent in the euro area and by 11.7 per cent in the EU, compared with March 2020, according to first estimates from Eurostat, the statistical office of the European Union. In March 2020, production in construction fell by 15.7 per cent in the euro area and by 13.6 per cent in the EU. Overall, production in construction in the euro area and EU has fallen to the lowest level recorded since the start of the series in 1995.

In April 2020 compared with April 2019, production in construction decreased by 28.4 per cent in the euro area and by 24.0 per cent in the EU. In a monthly basis production in construction decreased in all Member States for which data are available, with the largest decreases in France (-32.6 per cent), Spain (-26.3 per cent) and Slovakia (-10.0 per cent). In an annual basis, among Member States for which data are available, the largest decreases in production in construction were observed in France (-60.6 per cent), Belgium (-39.0 per cent) and Spain (-32.6 per cent). Increases were observed in Romania (+12.2 per cent), Germany (+0.9 per cent) and Finland (+0.8 per cent).

In Greece the monthly drop was -3.5 and the  annual -10.4 per cent.
In Cyprus the montly rate dropped by -0.3 in March  2020 (latest available data) and annually there was a 9.8 per cent growth (March data).

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