Cyprus’ Harmonised Consumer Price Index (HICP), a key measure of inflation, rose by 1.6 per cent year-on-year in October 2024, according to official data released on Tuesday.

This figure reflects a modest annual increase compared to October 2023, according to the Cyprus Statistical Service (Cystat).

On a monthly basis, the HICP recorded a slight decline of 0.2 per cent in October 2024 compared to September 2024.

For the period from January to October 2024, there was an overall increase of 2.2 per cent compared to the corresponding period in 2023.

When analysing categories year-on-year, the largest positive changes were observed in recreation and culture (7.4 per cent), restaurants and hotels (5.3 per cent), and food and non-alcoholic beverages (5.0 per cent).

In contrast, when comparing October 2024 to September 2024, the most notable changes were seen in clothing and footwear, which increased by 3.1 per cent, while restaurants and hotels recorded a decline of 2.0 per cent.

For the January to October 2024 period, restaurants and hotels experienced the most significant increase among categories, rising by 5.6 per cent compared to the same period in 2023.

Regarding economic origins, energy recorded the largest declines, dropping by 10.7 per cent compared to October 2023 and 1.5 per cent from the previous month.