Cyprus’  inflation rate climbed to 1.5% in November 2024 compared to the same month last year, marking a rebound after significant easing in September and October, when rates stood at 0.7% and 0.6% respectively.

According to the Statistical Service of Cyprus for the January-November period of 2024, the Consumer Price Index (CPI) increased by 1.7% compared to the corresponding period in 2023.

However, on a monthly basis, the CPI dropped slightly by 0.43 points to 118.21 in November, down from 118.64 in October 2024.

The most notable year-on-year increases in November were observed in the categories of Food and Non-Alcoholic Beverages (4.6%) and Restaurants and Hotels (4.2%). Meanwhile, the largest monthly declines were recorded in Food and Non-Alcoholic Beverages (-2.3%) and Clothing and Footwear (1.9%).

Agricultural products experienced the highest volatility, with an annual increase of 8.91% and a monthly decrease of 4.09%. For the January-November period, Restaurants and Hotels led with the most significant year-to-date rise of 5.5%.

Year-on-year, the categories Food and Non-Alcoholic Beverages and Restaurants and Hotels made the most significant positive contributions to the CPI, adding 1.05 and 0.44 points respectively. In contrast, the Transportation category had a negative impact, reducing the index by 0.33 points.

Month-on-month, the largest negative effect came from Fresh Vegetables (-0.56 points), while Potatoes had the most substantial positive contribution (0.18 points). Energy-related costs, particularly in Petroleum Products (-0.58 points), remain a major factor weighing on the index.