Insider Business Eurostat: Inflation in Cyprus rises to 1.7% in June 2018

Eurostat: Inflation in Cyprus rises to 1.7% in June 2018

Cyprus inflation rate was 1.7% in June 2018, up from 1.0% in May 2018 and 0.9% in June 2017, according to Eurostat, the statistical service of the EU.

According to Eurostat, euro area annual inflation rate was 2.0% in June 2018, up from 1.9% in May 2018. A year earlier, the rate was 1.3%. European Union annual inflation was 2.0% in June 2018, stable compared with May 2018. A year earlier, the rate was 1.5%.

The lowest annual rates were registered in Ireland (0.7%), Greece (1.0%) and Denmark (1.1%). The highest annual rates were recorded in Romania (4.7%), Estonia (3.9%) and Hungary (3.2%). Compared with May 2018, annual inflation fell in three Member States, remained stable in two and rose in twenty-two. In June 2018, the highest contribution to the annual euro area inflation rate came from energy (+0.76 percentage points, pp), followed by services (+0.57 pp), food, alcohol & tobacco (+0.53 pp) and non-energy industrial goods (+0.10 pp).

Meanwhile production in construction increased in Cyprus by 3.7% in the first quarter of 2018 in quarterly and by 5.1% in annual basis.

Cyprus is not required to supply monthly data to Eurostat under Council Regulation 1165/98. In May 2018 compared with April 2018, seasonally adjusted production in the construction sector increased by 0.3% in the euro area (EA19) and by 1.2% in the EU28. In April 2018, production in construction grew by 1.4% in the euro area and by 0.8% in the EU28. In May 2018 compared with May 2017, production in construction increased by 1.8% in the euro area and by 2.6% in the EU28.

The increase of 0.3% in production in construction in the euro area in May 2018, compared with April 2018, is due to civil engineering rising by 0.4% and building construction by 0.2%. In the EU28, the increase of 1.2% is due to building construction rising by 1.2% and civil engineering by 1.1%. Among Member States for which data are available, the highest increases in production in construction were recorded in Hungary (+6.0%), Slovenia (+3.4%), the Czech Republic and Germany (both +3.1%). Decreases were observed in Slovakia (-6.0%) and France (-3.4%).

The increase of 1.8% in production in construction in the euro area in May 2018, compared with May 2017, is due to civil engineering rising by 3.3% and building construction by 1.3%. In the EU28, the increase of 2.6% is due to civil engineering rising by 5.0% and building construction by 1.9%. Among Member States for which data are available, the highest increases in production in construction were recorded in Slovenia (+30.3%), Poland (+23.3%) and Hungary (+15.2%). Decreases were observed in France (-4.1%) and Bulgaria (-0.4%).

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