Cyprus inflation edges up in January 2024

Cyprus experienced a modest uptick in inflation in January 2024, with a 1.7 per cent increase compared to a 1.64 per cent rise in December 2023.

The annual inflation rate for January 2023 had reached 7.11 per cent, indicating a comparatively lower inflationary trend in the current year.

According to data released by the Cyprus Statistical Service (Cystat), the Consumer Price Index for January 2024 decreased by 1.39 units, reaching 113.90 units, compared to 115.29 units in December 2023.

The most significant changes in economic categories were recorded in Agricultural Products, with a 4.4 per cent increase, and Petroleum Products, which experienced a decrease of -4.1 per cent.

In comparison to the previous month, the most notable variations occurred in Petroleum Products (-2.3 per cent) and Industrial Products (excluding petroleum), with a percentage change of -2.3 per cent.

Comparing January 2023, the most substantial change was observed in the category of Restaurants and Hotels, showing a 5.6 per cent increase.

In contrast to December 2023, the most significant change occurred in the category of Clothing and Footwear, witnessing a -13.0 per cent decrease.

The categories of Food and Non-Alcoholic Beverages (0.61) and Restaurants and Hotels (0.56) had the most substantial positive impact on the January 2024 Consumer Price Index (CPI) compared to January 2023.

The category of Transportation (-0.26) had the most significant negative impact on the CPI’s change.

The category of Clothing and Footwear (-1.03) had the most significant impact on the change in the CPI compared to the previous month.

The categories of Food Services (0.54) and Petroleum Products (-0.42) had the most significant impact on the January 2024 CPI compared to January 2023.

Finally, Clothing (-0.70), Footwear (-0.33), and Petroleum Products (-0.25) had the most substantial impact on the January 2024 CPI compared to the previous month.