Inflation in Cyprus, as measured by the Harmonised Index of Consumer Prices (HICP), rose by 2.2 per cent year-on-year in August 2024, according to a report from the Cyprus Statistical Service (Cystat) released on Wednesday.

Additionally, on a month-to-month basis, the index rose by 0.9 per cent from July to August 2024.

For the January to August 2024 period, the HICP saw a 2.3 per cent rise compared to the same period last year.

The largest year-on-year increases were observed in the recreation and culture sector, with a rise of 7.4 per cent, as well as restaurants and hotels, which rose by 5.6 per cent.

On a month-on-month basis, notable price rises were recorded in restaurants and hotels, with an increase of 2.1 per cent, food and non-alcoholic beverages with 1.7 per cent, and transport with 1.5 per cent.

For the January-August 2024 period, restaurants and hotels recorded the most significant price increase, at 5.6 per cent.

In terms of economic origin, services saw the most significant rise, with a 4.2 per cent increase compared to August 2023 and a 1.8 per cent rise from July 2024.

It should be noted that the HICP measures changes in consumer goods and services prices across households and tourists within the country, using a harmonised methodology set by EU regulations.