Cyprus’ harmonised inflation rate decelerated to 1.6 per cent in September 2024, matching the rate recorded in March of this year, which was the lowest recorded during the past 33 months.

This figure represents an increase of 1.6 per cent compared to September 2023, according to the Cyprus Statistical Service (Cystat).

In relation to August 2024, the Harmonised Consumer Price Index (HCPI) decreased by 0.4 per cent in September 2024.

For the period from January to September 2024, there was an overall increase of 2.3 per cent compared to the same period last year.

When analysing categories year-on-year, the greatest positive changes were observed in the sectors of recreation and culture (7.4 per cent), as well as restaurants and hotels (5.7 per cent).

In contrast, significant changes were noted when comparing with August 2024, particularly in the categories of clothing and footwear (5.9 per cent), transport (-5.3 per cent), and education (2.6 per cent).

Furthermore, for the period from January to September 2024, the most notable change was again in the restaurants and hotels category, which saw an increase of 5.6 per cent compared to the same period last year.

Additionally, the most significant changes in economic categories were seen in the energy sector, which reported a decline of 8.0 per cent compared to September 2023 and a decrease of 2.9 per cent from the previous month.