Inflation in Cyprus was recorded at 1.8% for 2024, according to data published by the Statistical Service on Thursday.

According to the data, for the period January – December 2024, the Consumer Price Index (CPI) recorded an increase of 1.8% compared to the corresponding period of the previous year.

CPI in December 2024 increased by 0.10 points, reaching 118.31 points compared to 118.21 points in November 2024. Inflation in December 2024 increased at a rate of 2.6%.

The largest change in economic categories compared to December 2023 and the previous month was recorded in Agricultural Goods, with percentages of 16.8% and 2.6%, respectively.

Analysis of Percentage Changes

Compared to December 2023, the largest changes were observed in the categories of Food and NonAlcoholic Beverages (7.6%) and Restaurants and Hotels (4.4%).

In comparison to November 2024, the largest change was recorded in the category of Food and NonAlcoholic Beverages (0.7%).

For the period January – December 2024, compared to the corresponding period of the previous year, the largest change was observed in the category of Restaurants and Hotels (5.4%).

Analysis of Effects in Units

The categories Food and Non-Alcoholic Beverages (1.69) and Restaurants and Hotels (0.45) had the most significant positive impact on the change in the Consumer Price Index for December 2024 compared to December 2023.

The category Clothing and Footwear (-0.21) had the most significant negative impact on the CPI change for December 2024 compared to December 2023.

The category Food and Non-Alcoholic Beverages (0.16) had the greatest impact on the CPI change compared to the previous month.

The categories Fresh Vegetables (0.90), Catering Services (0.45), and Meat (0.23) had the largest impact on the CPI change for December 2024 compared to the December 2023 index.

Fresh Vegetables had the most significant positive impact on the CPI change for December 2024 compared to the previous month’s index (0.58), while Potatoes (-0.17) had the most significant negative impact.