CYPRUS MIRROR
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South Cyprus Inflation Hits 2.2 Per Cent in August

South Cyprus Inflation Hits 2.2 Per Cent in August

Inflation in Cyprus, as measured by the Harmonised Index of Consumer Prices (HICP), rose by 2.2 per cent year-on-year in August 2024, according to a report from the Cyprus Statistical Service (Cystat) released on Wednesday.

Publish Date: 18/09/24 13:45
reading time: 2 min.
South Cyprus Inflation Hits 2.2 Per Cent in August
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Additionally, on a month-to-month basis, the index rose by 0.9 per cent from July to August 2024.

For the January to August 2024 period, the HICP saw a 2.3 per cent rise compared to the same period last year. 

The largest year-on-year increases were observed in the recreation and culture sector, with a rise of 7.4 per cent, as well as restaurants and hotels, which rose by 5.6 per cent.

On a month-on-month basis, notable price rises were recorded in restaurants and hotels, with an increase of 2.1 per cent, food and non-alcoholic beverages with 1.7 per cent, and transport with 1.5 per cent.

For the January-August 2024 period, restaurants and hotels recorded the most significant price increase, at 5.6 per cent.

In terms of economic origin, services saw the most significant rise, with a 4.2 per cent increase compared to August 2023 and a 1.8 per cent rise from July 2024.

It should be noted that the HICP measures changes in consumer goods and services prices across households and tourists within the country, using a harmonised methodology set by EU regulations.

 

Source: Cyprus Mail 

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