NICOSIA: Inflation in Cyprus reached 1.8% in 2024, according to data released by the Statistical Service on Thursday, with notable rises in food and agricultural goods contributing to the increase. The Consumer Price Index (CPI) for December showed a slight month-on-month rise, indicating continuing inflationary pressures.
According to Cyprus News Agency, the CPI recorded a 1.8% increase over the January to December 2024 period compared to the same timeframe in the previous year. December’s CPI increased by 0.10 points to 118.31, up from 118.21 in November, marking a 2.6% year-on-year inflation rate for the month. The most significant changes in economic categories were observed in agricultural goods, with annual and monthly increases of 16.8% and 2.6%, respectively.
The analysis detailed further percentage changes, revealing that compared to December 2023, food and non-alcoholic beverages surged by 7.6%, while restaurants and hotels saw a 4.4% increase. When compared to November 2024, food and non-alcoholic beverages experienced the largest monthly change at 0.7%. Over the entire year, restaurants and hotels marked the most substantial annual change at 5.4%.
In terms of effects measured in units, food and non-alcoholic beverages (1.69) and restaurants and hotels (0.45) had the most significant positive influence on the CPI change from December 2023 to December 2024. Conversely, the clothing and footwear category negatively impacted the CPI change by -0.21 units. Fresh vegetables (0.90), catering services (0.45), and meat (0.23) stood out as major contributors to the CPI increase during December 2024 compared to the previous year. Within the month, fresh vegetables had the highest positive impact (0.58 units), while potatoes exerted a notable negative influence (-0.17 units).