Inflation in Cyprus increased to 1.5 per cent in November 2024, compared to November 2023, the statistical service reported on Thursday.

This follows significant declines in September and October, when it stood at 0.7 per cent and 0.6 per cent, respectively.

For the period from January to November 2024, the Consumer Price Index (CPI) recorded an overall increase of 1.7 per cent compared to the same period in 2023.

In November 2024, the CPI decreased by 0.43 points to 118.21 points, down from 118.64 points in October 2024.

The largest annual and monthly fluctuations were observed in agricultural products, with increases of 8.91 per cent year-on-year and a 4.09 per cent decrease compared to the previous month.

The most notable year-on-year price increases were observed in the food and non-alcoholic beverages category (4.6 per cent) and the restaurants and hotels category (4.2 per cent).

Month-on-month, the largest changes were in food and non-alcoholic beverages (-2.3 per cent) and clothing and footwear (1.9 per cent).

From January to November 2024, compared to the same period in 2023, the most significant increase was recorded in the restaurants and hotels category, with a rise of 5.5 per cent.

The food and non-alcoholic beverages category had the most significant positive impact on the annual CPI change (1.05 points), followed by restaurants and hotels (0.44 points).

Conversely, the transport category had the largest negative impact (-0.33 points).

Month-on-month, the food and non-alcoholic beverages category contributed the most to the decline in the CPI (-0.55 points).

Potatoes had the most significant positive effect (0.18 points), while fresh vegetables contributed the most negative effect (-0.56 points).