Nicosia, Cyprus. Cyprus’ annual inflation rate rose to an estimated 3.7 per cent in May 2026, up from 3 per cent in April, according to Eurostat’s flash estimate for the Harmonised Index of Consumer Prices. The increase put Cyprus above the euro area average, where inflation is expected to reach 3.2 per cent, compared with 3 per cent the previous month.
Euro area inflation trends
Eurostat said the full set of HICP data for May will be released on June 17.
Across the euro area, price pressures continued to be driven mainly by energy, which recorded the highest annual rate among the main components. Energy inflation is estimated at 10.9 per cent in May, almost unchanged from 10.8 per cent in April.
Services also accelerated, rising to 3.5 per cent from 3 per cent, while non-energy industrial goods edged up to 0.9 per cent from 0.8 per cent the previous month. Food, alcohol and tobacco eased to 2 per cent from 2.4 per cent in April.
Cyprus compared with other countries
Cyprus’ inflation rate was higher than in several major euro area economies, including Italy at 3.3 per cent, France at 2.8 per cent and Germany at 2.7 per cent.
However, Cyprus remained below the highest rates recorded in the bloc. Bulgaria posted the sharpest estimated increase at 6.3 per cent, followed by Lithuania at 5.1 per cent, Greece at 5 per cent, Croatia at 4.9 per cent and Luxembourg at 4.5 per cent.
Inflation was also higher than Cyprus in Belgium at 4.1 per cent, as well as Estonia and Slovakia, both at 4 per cent.
At the lower end, Malta recorded the weakest inflation rate at 2.1 per cent, followed by Germany at 2.7 per cent, France at 2.8 per cent, Finland at 3 per cent and Portugal at 3.1 per cent.
Monthly changes
On a monthly basis, Cyprus recorded a 0.9 per cent increase in May, one of the stronger monthly rises among euro area countries. Malta posted the highest monthly increase at 1.3 per cent, while Estonia, Greece and Finland each recorded monthly increases of 0.7 per cent or more.
