Nicosia: Inflation in Cyprus has seen an upward trend, with the rate climbing to 1.5% in November 2024 compared to the same month in the previous year. This marks a rebound following significant easing observed in September and October, where rates stood at 0.7% and 0.6%, respectively.
According to Cyprus News Agency, the Consumer Price Index (CPI) for the January-November period of 2024 increased by 1.7% compared to the corresponding period in 2023. Despite this annual increase, the CPI saw a slight monthly decrease of 0.43 points, dropping from 118.64 in October to 118.21 in November 2024.
The most notable year-on-year increases in November were recorded in the categories of Food and Non-Alcoholic Beverages, which surged by 4.6%, and Restaurants and Hotels, which rose by 4.2%. On a monthly basis, however, these categories experienced declines, with Food and Non-Alcoholic Beverages falling by 2.3% and Clothing and Footwear decreasing by 1.9%.
Agricultural products displayed the highest volatility, experie
ncing an annual increase of 8.91% but a monthly decrease of 4.09%. Throughout the January-November period, Restaurants and Hotels led the rise in CPI categories with a significant year-to-date increase of 5.5%.
Year-on-year, the Food and Non-Alcoholic Beverages and Restaurants and Hotels categories made the most significant positive contributions to the CPI, adding 1.05 and 0.44 points, respectively. Conversely, the Transportation category negatively impacted the index, reducing it by 0.33 points.
On a month-to-month basis, Fresh Vegetables had the largest negative effect on the index (-0.56 points), while Potatoes made the most substantial positive contribution (0.18 points). The persistent impact of energy-related costs, particularly in Petroleum Products, continues to weigh heavily on the index, subtracting 0.58 points.