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Inflation in Cyprus turns marginally negative at -0.1% in July 2017

Inflation in Cyprus turns marginally negative in July 2017 at -0.1% compared to +0.9% in  June 2017 according to Eurostat. Cyprus still has the second lowest inflation rate in the EU, after Ireland (-0.2%). A year earlier the rate was -0.4%.

The lowest annual rates were registered in Ireland (-0.2%), Cyprus (-0.1%), Bulgaria and Finland (both 0.6%). The highest annual rates were recorded in Lithuania (4.1%), Estonia (3.9%), Latvia and the United Kingdom (both 2.6%).

Meanwhile euro area annual inflation was 1.3% in July 2017, stable compared with June 2017. In July 2016 the rate was 0.2%. European Union annual inflation was 1.5% in July 2017, also stable compared to June 2017. A year earlier the rate was 0.2%.

Compared with June 2017, annual inflation fell in four Member States, remained stable in eight and rose in sixteen. The largest upward impacts to the euro area annual inflation came from accommodation services (+0.10 percentage points), package holidays (+0.06 pp) and air transport (+0.05 pp), while telecommunication (-0.11 pp), vegetables (-0.05 pp) and fruit (-0.04 pp) had the biggest downward impacts.

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