Cyprus Inflation Estimated at 5.4% in October, Above Euro Area Average

Nicosia, Cyprus. Annual inflation in Cyprus is estimated to have climbed to 5.4 per cent in October, which places the country among the EU members with higher price growth. Energy costs account for much of the pressure that continues to build across the euro area.

Euro area picture

A flash estimate released by Eurostat on Wednesday indicates that euro area annual inflation reached 4 per cent in October, compared with 3.8 per cent in September. The Cyprus estimate sits 1.4 percentage points above that average. Month-on-month inflation in Cyprus for October was estimated at 0.2 per cent.

Related: Eurostat: Euro Area and EU Household Real Income Up 0.1% in Second Quarter of 2026 as Spending Rises

RelatedEurostat: Euro Area and EU Household Real Income Up 0.1% in Second Quarter of 2026 as Spending Rises

Comparison with other EU states

Lithuania posted the highest annual rate among EU members at 6.1 per cent, with Bulgaria next at 6 per cent. Greece and Italy were level at 5.6 per cent. Cyprus, at an estimated 5.4 per cent, ranked just below these countries.

Malta had the lowest annual rate at 2.3 per cent, followed by Germany at 2.8 per cent and Slovakia at 2.9 per cent.

Trend in Cyprus

The data indicate that inflation in Cyprus has picked up sharply over the past year. It stood at 0.2 per cent in October 2025 and reached 3.5 per cent in May 2026. It then rose to 4.1 per cent in June, 4.4 per cent in July and 5.2 per cent in August. The rate held at 5.2 per cent in September before reaching the estimated 5.4 per cent in October.

Role of energy prices

Energy prices remain a major source of inflationary pressure across Europe. According to Eurostat’s flash estimate, energy was expected to show the highest annual inflation rate in the euro area in October, at 20.8 per cent, up from 18.9 per cent in September.