The annual rate of Harmonized Index of Consumer Prices (HICP) decelerated to 2.4% in July from 3% in the previous month, according to data released by the Statistical Service of Cyprus (Cystat).

For the period January – July 2024, the HICP rose by 2.3% compared to the corresponding period of the previous year, whereas compared with June 2024 the index rose by 0.7%.

Compared to July 2023, the largest positive changes were noted in Recreation and Culture with 7.2% and Restaurants and Hotels with 5.0%, while furnishing and household equipment and communications were the only categories which exhibited annual reductions of 0.2% and 0.5%, respectively.

In terms of economic origin, the largest annual change was registered in category Services which rose by 3.8%.

When compared to the index of June 2024, the largest change was monitored in category Non energy industrial goods, which dropped by 3.5%, Cystat added.