In November, Inflation Decline Continued in Cyprus

According to the latest report from the Statistical Service of Cyprus, inflation deceleration persisted in the country in November. In the annual calculation, the Harmonized Index of Consumer Prices increased by 2.4%, compared to the 3.6% recorded in October.

The report also notes that the inflation rate dropped to 1.5% compared to the same month of the previous year.

From January to November 2023, the overall increase amounted to 4.1% compared to the corresponding period of the previous year.

Throughout the year, the most significant price increases were observed in food and non-alcoholic beverages, rising by 8.4%. Following them, restaurants and hotels experienced a price increase of 6.5%.

Compared to November 2022, the steepest price hikes were seen in goods and services in restaurants and hotels, increasing by 7.1%. Housing, water, electricity, gas, and other fuels became more expensive by 2.5%.

An annual decrease is noted in the categories of "transport" by 2.6% and "communication" by 1.5%.

Compared to October 2023, the most significant changes were observed in the categories of "transport," with a decrease of 4.5%, and "housing construction," "water supply," "electricity, gas, and other fuels," with a decrease of 1.9%.