Inflation in Cyprus Climbs to 1.5% in November

Inflation in Cyprus rose to 1.5% in November 2024 compared to the same month in 2023, according to data from the Statistical Service. This increase came after significant declines in September and October, when inflation was recorded at 0.7% and 0.6%, respectively.

From January to November 2024, the Consumer Price Index (CPI) saw an overall annual increase of 1.7% compared to the same period in 2023.

In November 2024, the CPI dropped by 0.43 points, falling from 118.64 in October to 118.21. The largest annual increase was observed in agricultural products, with prices surging by 8.91%.

Other notable annual price increases included food and non-alcoholic beverages (4.6%) and the restaurants and hotels category (4.2%).

Month-on-month, the most significant changes were decreases in food and non-alcoholic beverage prices (-2.3%) and clothing and footwear prices (-1.9%).

For the period from January to November 2024, the most significant price increase compared to the same timeframe in 2023 was recorded in the restaurants and hotels category, which saw a rise of 5.5%.