Harmonised inflation in Cyprus increased by 2.3 per cent in 2024 compared to 2023, according to a report released this week from the state’s statistical service.
The category of restaurants and hotels saw the highest annual change, with a 5.5 per cent increase.
In December 2024, harmonised inflation registered the highest year-on-year growth in 12 months, rising by 3.1 per cent compared to December 2023.
However, on a month-on-month basis, it decreased by 0.3 per cent compared to November 2024.
Compared to December 2023, the categories with the most significant positive changes were recreation and culture (7.5 per cent), food and non-alcoholic beverages (7.3 per cent), and restaurants and hotels (5.4 per cent).
Between November and December 2024, the largest changes were recorded in food and non-alcoholic beverages, which rose by 1.0 per cent, and transport, which declined by 1.7 per cent.
Regarding economic categories, the most notable year-on-year increases in December 2024 were in food-alcoholic beverages-tobacco (5.9 per cent) and services (4.5 per cent).
On a monthly basis, the most significant change was a 0.9 per cent decline in services compared to November 2024.
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