Consumer prices fell 0.1% from the previous month in May, following April’s 1.5% drop. May’s dip was mainly driven by lower prices for housing and utilities, and transport.
Consumer prices declined 1.5% on an annual basis in May, after they had dropped 1.2% in April—marking the lowest reading since June 2016. Meanwhile, the annual average variation in consumer prices dropped 0.2% in May, compared to the flat reading in April. Lastly, harmonized consumer prices tumbled 1.2% year-on-year in April (March: 0.1%), which is the latest month for which data is available.
FocusEconomics panelists project harmonized inflation to average 0.1% in 2020 and 0.5% in 2021.
Source:https://www.focus-economics.com/countries/cyprus/news/inflation/consumer-prices-fall-again-year-on-year-in-may