CPI up 1.8% in 2024, inflation rises 2.6%

The monthly Consumer Price Index (CPI) increased by 0.10 points in Cyprus in December 2024, rising to 118.31 points from 118.21 in November, while inflation in December increased at a rate of 2.6%.

The statistical service Cystat reported that for the full-year period of January-December, the CPI increased 1.8% compared to the same period of 2023.

According to Cystat, biggest increase in December was in Agricultural Goods that rose 16.8% year-on-year and 2.6% from the previous month.

Compared to December 2023, the largest changes were in Food and Non-Alcoholic Beverages (7,6%) and Restaurants and Hotels (4.4%), while the same category saw the biggest month-on-month increase of 0.7% from November.

For the full-year period of January-December, the biggest annual increase was in Restaurants and Hotels, up 5.4%.

Cystat said that the categories Food and Non-Alcoholic Beverages (1.69) and Restaurants and Hotels (0.45) had the most significant positive impact year-on-year on the CPI for December, compared to December 2023.

Clothing and Footwear (-0.21) had the most significant negative impact on the year-on-year CPI change for December, compared to December 2023.

Food and Non-Alcoholic Beverages (0.16) had the greatest impact on the December CPI compared to the previous month.

The categories of Fresh Vegetables (0.90), Catering Services (0.45), and Meat (0.23) had the largest impact on the year-on-year CPI change for December 2024.

Fresh Vegetables had the most significant positive impact on the CPI change for December 2024 compared to the previous month’s index (0.58), while Potatoes (-0.17) had the most significant negative impact.