Cyprus' Harmonized Consumer Price Index (HCPI) rose by 1.6% in October 2024 compared to the same month in 2023, according to data from the Statistical Service of Cyprus. On a monthly basis, the index recorded a slight decline of 0.2% from September 2024.

Over the first ten months of the year, inflation averaged 2.2% higher than the corresponding period in 2023.

Recreation and culture saw the highest annual increase at 7.4%, followed by restaurants and hotels at 5.3%, and food and non-alcoholic beverages at 5.0%. Compared to September 2024, notable monthly changes included a 3.1% rise in clothing and footwear prices, while the restaurants and hotels category decline by 2.0%.

Energy prices continued to play a deflationary role, with a sharp annual drop of 10.7% and a monthly decrease of 1.5%. For the January to October 2024 period, the largest year-on-year increase was observed in the restaurants and hotels category, which rose by 5.6%.