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Average salaries up 6% in 4Q 2023

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The average salary in Cyprus grew by 6.2% in the fourth quarter of 2023, compared to the same period in 2022, according to provisional data released by the Statistical Service, offering some relief to the hiking cost of living.

The Cystat data showcases an increase in the average gross monthly earnings to €2,693 for the fourth quarter of 2023, a significant rise from €2,535 in the preceding year, reflecting a noteworthy 6.2% increase.

Seasonally adjusted figures for the same period reveal that the average gross monthly earnings stood at €2,402, a 1.6% increase compared to the third quarter of 2023.

Furthermore, the report highlights gender disparities, with male employees earning an average of €2,884 per month and female employees earning €2,452 during the fourth quarter of last year.

Both male and female employees saw an increase in their average gross monthly earnings compared to the fourth quarter of 2022, with males recording a growth of 6.7% and females seeing a rise of 5.5%.

The report suggests positive trends in earnings for Cyprus employees, indicating potential improvements in economic conditions during the specified period.

Inflation up 1.8%

In February, the inflation rate recorded a rise of 1.8% compared to February of the previous year, as the monthly Cyprus Consumer Price Index (CPI) climbed by 1.03 points to reach 114.93, up from 113.90 in January.

According to Cystat, the CPI rate experienced a 0.9% increase from January. Additionally, when comparing the January-February period to the same two-month span last year, there was a 1.75% uptick.

The rate of inflation has been falling in the past year and a half, after reaching an all-time high in Cyprus in July 2022, spiking 10.86%.