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Tuesday, August 16 2022
Europe

Nicosia: Cyprus inflation hits 40-year record in June

Cyprus inflation hits 40-year record in June
Photo Credit : IANS

Nicosia: The annual inflation rate in Cyprus stood at 9.6 per cent in June, the highest level in over 40 years, the Statistical Service (Cystat) of the Ministry of Finance said.

Last month, the retail price index was the highest since December 1981, when the inflation rate was 10.3 per cent, reports Xinhua news agency.

Economic analysts said that in real terms, the June inflation rate could be translated as a loss of 96 euros ($97) from the purchasing power of a 1,000-euro salary.

This loss was the direct result of the ongoing war in Ukraine, which has sent the prices of energy and some foodstuffs spiraling sky-high, the analysts said.

According to Cystat, inflation is mostly fuelled by a steady increase in the cost of petrol at the pump, which rose by 46.1 per cent on an annual basis; of electricity, which went up by 40.4 per cent; and of agricultural products, which increased by 7.3 per cent.

The annual inflation rate for the January-June period was 7.6 per cent, Cystat said.

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