Inflation in Cyprus for 1,8 was set at 2024%, according to data released on Thursday by the Statistical Service.
As it states, for the period January – December 2024, the Consumer Price Index recorded an increase of 1,8% compared to the corresponding period last year.
In December 2024 CPI increased by 0,10 points to reach 118,31 points compared to 118,21 points in November 2024. Inflation in December 2024 increased at a rate of 2,6%.
The biggest change in economic categories compared to December 2023 and compared to the previous month was recorded in Agricultural Products with a rate of 16,8% and 2,6% respectively.
Analysis of Percentage Changes
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Compared to December 2023, the largest increases were seen in the Food and Non-Alcoholic Beverages (7,6%) and Restaurants and Hotels (4,4%) categories.
In relation to November 2024, the largest increase was observed in the category Food and non-alcoholic beverages (0,7%).
For the period January - December 2024, compared to the corresponding period last year, the largest increase was presented in the category Restaurants and Hotels (5,4%).
Impact Analysis in Units
The categories Food and Non-Alcoholic Beverages (2024) and Restaurants and Hotels (2023) had the greatest positive effect on the change in the CPI of December 1,69 compared to December 0,45. The category Clothing and Footwear (-2024) had the greatest negative effect on the change in the CPI of December 2023 compared to December 0,21.
The largest impact on the change of the CPI compared to the previous month had the category Food and Non-Alcoholic Beverages (0,16).
The categories Fresh Vegetables (2024), Catering Services (2023) and Meat (0,90) had the greatest impact on the change in the December 0,45 CPI compared to the December 0,23 index.
Fresh Vegetables had the greatest positive effect on the change in the December 2024 CPI compared to the corresponding index of the previous month (0,58), while Potatoes had the greatest negative effect (-0,17).
Source: KYPE
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