Nicosia: The Harmonised Index of Consumer Prices (HICP) witnessed an increase of 3.1% from December 2023 to December 2024, with a slight decrease of 0.3% between November 2024 and December 2024, as reported by the Statistical Service in a press release on Friday. The overall HICP for the period January to December 2024 rose by 2.3% compared to the same period in the previous year.
According to Cyprus News Agency, the most significant changes during the January to December 2024 period compared to the previous year were observed in the Restaurants and Hotels category, which saw a rise of 5.5%. When comparing December 2024 to December 2023, Recreation and Culture experienced a 7.5% increase, Food and Non-Alcoholic Beverages rose by 7.3%, and Restaurants and Hotels grew by 5.4%.
In terms of month-on-month changes from November 2024 to December 2024, the categories of Food and Non-Alcoholic Beverages recorded a growth of 1.0%, while Transport saw a decline of 1.7%. The largest changes in economic categories compared to December 2023 were seen in Food-Alcoholic Beverages-Tobacco with a 5.9% increase and Services with a 4.5% rise. Compared to the previous month, the Services category showed the largest change with a decrease of 0.9%.