The annual inflation rate in Cyprus dropped to 2.2% both in Cyprus and in the eurozone this August, compared to July 2024 (from 2.4% in Cyprus and 2.6% in the eurozone), according to data published by Eurostat, the statistical service of the EU. Meanwhile in the EU, the annual rate of inflation dropped to 2.4% in August compared to 2.8% in July.

There was also a reduction of annual inflation compared to August 2023, from 3.1% in Cyprus, 5.2% in the eurozone and 5.9% in the EU.

The lowest annual rates were registered in Lithuania (0.8%), Latvia (0.9%), Ireland, Slovenia and Finland (all 1.1%).

The highest annual rates were recorded in Romania (5.3%), Belgium (4.3%) and Poland (4.0%).

Compared with July 2024, annual inflation fell in twenty Member States, remained stable in one and rose in six.

In August 2024, the highest contribution to the annual euro area inflation rate came from services (+1.88 percentage points, pp), followed by food, alcohol & tobacco (+0.46 pp), non-energy industrial goods (+0.11 pp) and energy (-0.29 pp).