In July 2024, Cyprus experienced a year-on-year inflation increase of 2.4 percent, as measured by the Harmonised Index of Consumer Prices (HICP), according to a report released on Tuesday by the Cyprus Statistical Service (Cystat). This marks a notable rise compared to the same month in the previous year.
The HICP, which serves as a crucial indicator of inflation, also showed a 0.7 percent uptick between June and July 2024. Over the first seven months of 2024, the index climbed by 2.3 percent compared to the same period in the previous year.
Among the various sectors, recreation and culture stood out with a significant year-on-year increase of 7.2 percent, while restaurants and hotels followed closely with a 5 percent rise compared to July 2023.
On a monthly basis, the most striking change was seen in the clothing and footwear category, which recorded an 11.4 percent drop from June to July 2024.
For the period from January to July 2024, restaurants and hotels showed the largest year-on-year increase, rising by 5.6 percent compared to the previous year.
When analyzing the price changes based on economic origin, services experienced the most substantial year-on-year increase, with a 3.8 percent rise compared to July 2023. In contrast, the most notable month-on-month decline was observed in non-energy industrial goods, which decreased by 3.5 percent from June to July 2024.
Source: Cyprus Mail