The Harmonised Index of Consumer Prices (HICP) in Cyprus increased by 3.6 per cent in October 2023, compared to October 2022, while registering a decrease of 0.1 per cent compared to the previous month, according to a report released on Friday by the state’s statistical service.

Between January and October 2023, there was a 4.3 per cent increase compared to the same period in the previous year.

When comparing to October 2022, the categories of Restaurants and Hotels (6.1 per cent) and Food and Non-Alcoholic Beverages (5.8 per cent) exhibited the most significant changes.

The Statistical Service highlighted that concerning September 2023, the most substantial variation occurred in the Clothing and Footwear category (3.5 per cent).

Throughout January to October 2023, compared to the same period last year, the most significant alterations were observed in the categories of Food and Non-Alcoholic Beverages (9.0 per cent) and Restaurants and Hotels (6.5 per cent).

The most significant change in economic categories compared to October 2022 was noted in the Food-Alcoholic Beverages-Tobacco category (5.3 per cent). Regarding the previous month, the Energy category (1.4 per cent) experienced the most significant shift.

Cyprus has been ranked in 7th position within the European Union in terms of the percentage gap in wages between men and women, according to an announcement released this week by the Ministry of Labour.

In a statement underscoring the importance of respecting the right to equal pay for equal work value, the ministry highlighted that Cyprus recorded a wage gap of 9.7 per cent based on the latest data from 2021, compared to the EU average of 12.7 per cent.

“While significant progress has been made over time (a 35 per cent reduction in the past decade), the goal of completely eliminating the wage gap remains crucial,” emphasised the ministry, urging employers, employees, unions, employer organisations, and society at large to contribute to the substantial embedding of wage equality.

Moreover, increased information on salaries is expected to facilitate employees in claiming their right to equal pay, while employers and social partners are urged to take appropriate action to ensure the application of equal pay for equal work of equal value.

The ministry explained that the wage gap between genders represents a multi-dimensional issue, inhibiting economic development and leading to a cumulative gap in pensions, putting women at a higher risk of poverty.

Additionally, while acknowledging the consistent but gradual progress made over time, the ministry hailed the recent adoption in May 2023 of the directive aiming to strengthen the application of the principle of pay equality through salary transparency and enforcement mechanisms.

Finally, the announcement explained that the ministry’s future interventions align with the European Union’s priorities, focusing on actions that bolster salary transparency as a key element for further progress in narrowing the gender pay gap.

The Cyprus Stock Exchange (CSE) ended Friday, November 17 with profits.

The general Cyprus Stock Market Index was at 126.68 points at 13:38 during the day, reflecting an increase of 0.06 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.86 points, representing a rise of 0.08 per cent.

The total value of transactions came up to €167,692.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.3 per cent and 0.78 per cent respectively. The alternative index dropped by 0.25 per cent while the hotel index also fell by 0.25 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.68 per cent), Hellenic Bank (+0.46 per cent), Demetra (+0.81 per cent), Salamis Tours (-1.73 per cent), and Blue Island (-2.13 per cent).