Cyprus inflation up 1.8% in February

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The monthly Cyprus consumer price index (CPI) increased by 1.03 points to 114.93 in February, from 113.90 in January, driven mainly by the services sector, with the inflation rate rising by 1.8% from February last year.

The CPI rate was up 0.9% from January and 1.75% higher for January-February compared to the same two-month period last year, according to the statistical service Cystat.

As regards the main sector of economic origin, the largest change from February 2023 was in services (+3.7%).

Comparing February to the index of the previous month, the largest change was in agricultural goods (+5.6%).

Compared to February 2023, the largest change was in restaurants and hotels (+6.2%).

The CPI for February saw the largest changes from January in clothing and footwear (+3.1%) and in food and non-alcoholic beverages (+2.7%).

For January–February, compared to the same period last year, the largest changes were in restaurants and hotels (5.9%) and miscellaneous goods and services (3.7%).

Year-on-year, February saw the biggest increases in restaurants and hotels (0.62) and food and non-alcoholic beverages (0.43).

Catering services (0.60) had the most notable effect on the change of the February CPI compared to same month last year, while the price of fresh vegetables (0.38) had the largest effect on the change of the February CPI compared to January this year.

Cystat said that when calculating the monthly CPI, the weight for the four districts are broken down to Nicosia 42%, Limassol 30%, Larnaca 18% and Paphos 10%.

The prices of 805 goods and services are recorded every month, except for some seasonal products (e.g. vegetables and fruit), meat and fuels, whose prices are collected every week (every Thursday).