From the near-zero inflation rate Cyprus recorded six months ago, it is now projected by Eurostat to surge to 4%.

This is the largest percentage increase among eurozone countries, while the current average is estimated to reach 2.8%. Lithuania, Bulgaria, and Croatia have higher inflation rates than Cyprus, but they have not seen a comparable increase in just a few months.

The rise has been gradual. In January, inflation stood at 1.2%. It fell to 0.9% in February and rose again to 1.5% in March. In April, it jumped to 3.0%, then to 3.5% in May, and reached 4% in June.
 
Cypriot consumers are paying significantly more for most goods and services compared to last year. According to the statistical service, prices have skyrocketed, with percentage increases exceeding 5% in transportation, housing, water, electricity, natural gas and other fuels, recreation, sports, culture, food, and non-alcoholic beverages.

See the report by Kleio Vourkou