Cyprus consumer index inflation slows down to 2.4 per cent in November

The harmonised index of consumer prices in Cyprus recorded a year-on-year rate of 2.4 per cent in November 2023, marking a slowdown compared to the rate of 3.6 per cent observed in October 2023, according to a report released on Tuesday by the state’s statistical service.

In addition, the report noted that the harmonised inflation rate decreased to 1.5 per cent when compared to the same month of the previous year.

Over the period from January to November 2023, there was an overall increase of 4.1 per cent, compared to the corresponding period last year.

Moreover, when comparing November 2023 to the same month in 2022, the most significant changes in goods and services categories were observed in restaurants and hotels, showing an increase of 7.1 per cent.

Housing, water, electricity, gas, and other fuels saw a rise of 2.5 per cent. Conversely, annual decreases were noted in transport by 2.6 per cent and communications by 1.5 per cent.

When compared to October 2023, the largest change was observed in transport, with a decrease of 4.5 per cent, followed by housing, water, electricity, gas, and other fuels, which decreased by 1.9 per cent.

Finally, the statistical service reported that from January to November 2023, the most significant fluctuations were seen in food and non-alcoholic beverages, rising by 8.4 per cent, followed by restaurants and hotels, which increased by 6.5 per cent.