Inflation in Cyprus Reaches 1.8% in 2024

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

Yearly Overview
The Consumer Price Index (CPI) for the period January to December 2024 rose by 1.8% compared to the same period in 2023.

In December 2024, the CPI experienced a slight increase of 0.10 points, reaching 118.31 points from 118.21 points in November. Inflation for December 2024 stood at 2.6%.

Key Changes in Economic Categories
The most notable fluctuation was observed in Agricultural Goods, which saw significant increases of 16.8% compared to December 2023 and 2.6% compared to the previous month.

Percentage Changes

Compared to December 2023:

Food and Non-Alcoholic Beverages showed the largest increase (7.6%).

Restaurants and Hotels followed with a 4.4% rise.

Compared to November 2024:

Food and Non-Alcoholic Beverages rose by 0.7%.

For the Entire Year (January–December 2024):

The category Restaurants and Hotels saw the largest annual increase, growing by 5.4%.

Significant Impacts on CPI

Compared to December 2023:

Food and Non-Alcoholic Beverages contributed the most to the CPI increase (1.69 units), followed by Restaurants and Hotels (0.45 units).

Clothing and Footwear had the most notable negative impact, reducing the CPI by 0.21 units.

Month-on-Month (December vs. November 2024):

The Food and Non-Alcoholic Beverages category had the largest positive impact (0.16 units).

Subcategory Highlights

Compared to December 2023:

Fresh Vegetables, Catering Services, and Meat contributed the most to CPI growth, with Fresh Vegetables alone accounting for a 0.90-unit increase.

Compared to November 2024:

Fresh Vegetables had the most significant positive impact (0.58 units), while Potatoes contributed the most substantial negative impact (-0.17 units).

Source: Stockwatch Cyprus

Inflation in Cyprus Reaches 1.8% in 2024

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