Inflation continues upward trend at 2.9% in June

Inflation in June 2024 rose by 2.9%, continuing the upward trend that started in April and reaching its highest value since October 2023, according to data published by CySTAT.

The Consumer Price Index decreased by 0.12 units and reached 117.72 units compared to 117.84 units in May 2024.

For the period January-June 2024, the CPI increased by 2.1% compared to the corresponding period of the previous year.

As regards the economic origin, the largest positive change when compared to the index of June 2023 was recorded in Electricity (9.5%) and Petroleum products (8.6%). In comparison to the index of the previous month, the largest change was monitored in Petroleum products (-3.7%)

Analysis of Percentage Changes

Compared to June 2023, the largest change was monitored in categories Housing, Water, Electricity, Gas and Other Fuels (5.9%) and Restaurants and Hotels (5.2%).

In comparison to the CPI of the previous month, the largest change was noted in Transport (-1.7%).

For the period January–June 2024, compared to the corresponding period of the previous year, the largest changes were recorded in Restaurants and Hotels (5.8%) and Miscellaneous Goods and Services (3.5%).

Analysis of Effects in Units

Compared to the Index of June 2023 the categories Housing, Water, Electricity, Gas and Other Fuels (0.91) and Transport (0.74) had the largest positive effect on the change of the CPI.

The largest effect on the change of the CPI compared to the previous month was recorded in Transport (-0.31).

Petroleum products (0.84), Catering services (0.51) and Electricity (0.50) had the most notable effect on the change of the CPI of June 2024 compared to June 2023.

Finally, Petroleum products (-0.40) had the largest effect on the change of the CPI of June 2024 compared to the previous month.

(Source: CNA)