South Cyprus Inflation closes 2024 at 1.8 Per Cent
The consumer price index (CPI) in S Cyprus closed 2024 with a year-on-year increase of 1.8 per cent, while inflation saw a rise in December, according to a report from the state’s statistical service.
For the period of January to December 2024, the CPI recorded a 1.8 per cent increase compared to the same period in 2023.
December’s CPI rose by 0.10 points, reaching 118.31 points from 118.21 in November 2024, marking a 2.6 per cent inflation rate for the month.
The agricultural products category exhibited the most significant changes. Compared to December 2023, agricultural prices rose by 16.8 per cent, while they increased by 2.6 per cent compared to November 2024.
Other notable changes included food and non-alcoholic beverages, as well as restaurants and hotels.
The former increased by 7.6 per cent year-on-year and 0.7 per cent month-on-month, while the latter rose by 4.4 per cent compared to December 2023, and showed a 5.4 per cent annual increase for the entire year.
Year-on-year, fresh vegetables (0.90 points), catering services (0.45 points), and meat (0.23 points) were the largest contributors to CPI growth.
In contrast, the clothing and footwear category had the most substantial negative effect on December’s CPI compared to December 2023, with a drop of 0.21 points.
Over the course of the year, the food and non-alcoholic beverages and restaurants and hotels categories had the most notable impacts on CPI fluctuations.
These sectors reflect broader economic trends, with fresh produce and dining services driving much of the inflationary pressure.
Source: Cyprus Mail
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