In January, inflation in Cyprus increase slightly, rising by 1.7% compared to the 1.64% increase recorded in December 2023. Back in January 2023, inflation had reached 7.11%.

According to data from the Statistical Service of Cyprus, the Consumer Price Index (CPI) decreased by 1.39 units in January 2024, reaching 113.90 units, compared to 115.29 units in December 2023.

The most significant changes in economic categories, compared to January 2023, were observed in Agricultural goods with a 4.4% increase and Petroleum products with a -4.1% decrease. In comparison to the previous month, the most substantial changes were noted in Petroleum products (-2.3%) and Industrial goods (excluding petroleum products) with a percentage of -2.3%.

Analysis of Percentage Changes

Compared to January 2023, the most significant change occurred in the category of Restaurants and Hotels, with a notable 5.6% increase.

In contrast, concerning the CPI of December 2023, the most significant change was noted in the category of Clothing and Footwear, which saw a decrease of -13.0%.

Analysis of Effects in Units

The categories Food and Non-Alcoholic Beverages (0.61) and Restaurants and Hotels (0.56) had the most substantial positive effect on the change of the CPI in January 2024 compared to January 2023. Transport had the most significant negative effect, with a decrease of -0.26.

Comparing the CPI of January 2024 with the previous month, the category exerting the most substantial effect on the change was Clothing and Footwear, experiencing a notable decrease of -1.03.

Catering services (0.54) and Petroleum products (-0.42) had the most notable effect on the change of the CPI in January 2024 compared to January 2023.

Finally, Clothing (-0.70), Footwear (-0.33), and Petroleum products (-0.25) had the most significant effects on the change of the CPI in January 2024 compared to the previous month.