May inflation drops to two-year low

Annual inflation in Cyprus dropped to 3.01% in May, continuing its downward trajectory for a seventh consecutive month, mainly driven by the reduction of fuel prices. Price inflation in May marked the lowest point in the last two years. According to data released by the Statistical Service, the Consumer Price Index in May increased by 0.33 units reaching 114.72 units compared to 114.39 units in April. For the first four months of January-May, the CPI increased by 5.2% compared to the same period last year. The reduction was mainly driven...