Cyprus consumer prices increase in February

The harmonised index of consumer prices in Cyprus (HICP) witnessed a notable increase of 2.1 per cent in February 2024, in comparison to February 2023, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

This rise in consumer prices illustrates a significant development in the cost of living over the year.

Most notably, the Restaurants and Hotels category experienced the largest positive shift, registering a 6.1 per cent increase compared to February 2023.

Similarly, within the economic sectors, the Services category showed the most considerable growth rate of 4.2 per cent, underscoring the broad-based nature of price pressures.

On a month-to-month basis, the index also saw an uplift of 0.8 per cent from the previous month. Among the various categories, Clothing and Footwear stood out with the most significant increase, recording a 3.4 per cent rise.

In terms of economic categories, the Food, Alcoholic Beverages, and Tobacco sectors marked the largest increase, with a rate of 2.2 per cent, highlighting the volatility in consumer goods prices.

Looking at the cumulative figures for the period of January to February 2024, there was an overall increase of 2.1 per cent compared to the same period in the previous year.

The most substantial changes were observed in the Restaurants and Hotels (5.9 per cent), Alcoholic Beverages and Tobacco (3.1 per cent), and Other Goods and Services (3 per cent) categories.