Cyprus Business Now
Cyprus’ annual inflation rate in May decreased to 3.01 per cent, continuing its downward trend for the seventh consecutive month, mainly driven by a deceleration in the prices of petroleum products.
According to data released on Thursday by the Cyprus Statistical Service (Cystat), the Consumer Price Index increased by 0.33 units in May 2023, reaching 114.72 units, compared to 114.39 units in April 2023.
For the period between January and May 2023, the CPI rose by 5.2 per cent, compared to the corresponding period from last year.
Regarding changes across the various economic categories, the largest annual increase was recorded in electricity with a rise of 8.3 per cent, while the largest negative change was observed in petroleum products with a decrease of 14 per cent.
The categories with the most significant impact on the change in the CPI in May 2023, compared to May 2022, were food and non-alcoholic beverages (1.76) and housing, water, electricity, and gas (0.72), while transportation had the largest negative impact (-0.96).
The food and non-alcoholic beverages category (0.35) had the most significant positive impact on the change in the CPI compared to the previous month.
Finally, the petroleum products category (-1.67) had the most substantial impact on the change in the CPI in May 2023 compared to the index of May 2022.
Cyprus’ accommodation and food services sector experienced a significant increase of 31.9 per cent during the first quarter of 2023, compared to the corresponding quarter of the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).
According to the report, which looked at the turnover index in services, there was an upward trend compared to the corresponding quarter of the previous year.
The trend was observed in the sectors of accommodation and food services (31.9 per cent), administrative and support activities (19.1 per cent), professional, scientific, and technical activities (8.5 per cent), as well as information and communication activities (1.1 per cent).
The Cyprus Stock Exchange (CSE) ended Thursday, June 1 with profits.
The general Cyprus Stock Market Index was at 109.39 points at 12:41 during the day, reflecting an increase of 0.47 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 66.14 points, representing a rise of 0.49 per cent.
The total value of transactions came up to a particularly lowly €270,989.
In terms of the sub-indexes, the main index rose by 0.61 per cent, while the remaining indexes did not present any changes.
The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (+1.99 per cent), Salamis Tours (no change), and Logicom (no change).