Cyprus inflation climbs to 4.3 per cent in September 2023

The Harmonised Index of Consumer Prices (HICP) in Cyprus increased by 4.3 per cent in September 2023, compared to the same month in 2022, according to the Cyprus Statistical Service.

This rise in inflation also represented a 0.2 per cent increase compared to the previous month.

For the period from January to September 2023, Cyprus recorded an inflation rate of 4.4 per cent, marking a notable increase compared to the same period last year.

When comparing the data to September 2022, the categories of food and non-alcoholic beverages saw a substantial increase of 10.2 per cent, followed by restaurants and hotels with 5.9 per cent.

In comparison to August 2023, the largest variation occurred in the clothing and footwear category, which saw a 7.6 per cent increase.

The statistical service also reported that, in the period from January to September 2023, the largest fluctuations were observed in the categories of food and non-alcoholic beverages with 9.4 per cent, and restaurants and hotels with 6.5 per cent, when compared to the same period in the previous year.

The most significant change in economic categories, in comparison to September 2022, was witnessed in the category of food, alcoholic beverages and tobacco, with an 8.5 per cent increase.

Furthermore, concerning month-on-month changes, the energy category recorded the most significant fluctuation, rising by 3.4 per cent, when compared to the previous month.

The HICP for the Eurozone for the month of September was based on an estimate by Eurostat (flash estimate), as reported by the Cyprus Statistical Service.