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Cyprus consumer prices rise by 2.1 per cent in January 2024

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The harmonised index of consumer prices in Cyprus (HICP) in January 2024 increased by 2.1 per cent compared to January 2023, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

When compared to the previous month, December 2023, the index decreased by 1.2 per cent.

In comparison to January 2023, the restaurants and hotels category presented the biggest positive change, rising by 5.8 per cent, while the transportation category fell by 1.3 per cent.

Furthermore, concerning December 2023, the largest change was recorded in the category of clothing and footwear, which fell by 13.7 per cent.

Moreover, the most significant change in financial categories compared to January 2023 was observed in the services category, which grew by 4 per cent.

Compared to the previous month, the most significant change was observed in the category of non-energy industrial products, which experienced a decline of 4.2 per cent.

Finally, the statistical service reported that from January 2023 to January 2024, the most significant drop was seen in energy by 2.9 per cent, while an increase was seen in food, non-alcoholic beverages and tobacco, which rose by 3.2 per cent.

The statistical service notes that the harmonised index of consumer prices is an economic indicator compiled to measure the historical changes in the prices of consumer goods and services acquired, used, or paid for by households and tourists within the economic territory of the country.

The index is calculated according to a harmonised approach and methodology as defined by the European Union through a series of relevant regulations.

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