In December 2023, the Harmonized Index of Consumer Prices in Cyprus slowed down at 1.9%, reaching its lowest point since June 2021. Compared to November 2023, the index registered a decrease of 1.2%.

According to the Statistical Service of Cyprus, the Harmonized Consumer Price Index increased by 1.9% in December 2023, compared to December 2022.

The most significant changes in economic categories, both compared to December 2022 and the previous month, were observed in Energy, that dropped 4.2% and 4.3%, respectively.

Overall, for the year 2023, the index recorded a 3.9% increase compared to the corresponding period last year.

Compared to December 2022, the category of Restaurants and Hotels (5.3%) showed the most substantial positive change, while Transportation presented the most significant negative change (-4.2%).

Compared to November 2023, the most notable change was recorded in the Transportation category (-3.1%).

For the period of January to December 2023, in contrast to the same period of the previous year, the most significant fluctuations were observed in the categories of Food and Non-Alcoholic Beverages (8.0%) and Restaurants and Hotels (6.4%).