In January 2024, consumer prices in Cyprus rose by 2.1%

The Harmonized Index of Consumer Prices in Cyprus increased by 2.1 percent in January 2024 compared to January 2023.

According to the report by the Cyprus Statistical Service (Cystat), compared to December 2023, the index decreased by 1.2%.

The highest increase compared to January 2023 was recorded in the category of restaurants and hotels - by 5.8%, while the category of transport experienced a decrease of 1.3%.

Compared to December 2023, the greatest change was observed in the category of clothing and footwear, which decreased by 13.7%.

Additionally, the statistical service reported that from January 2023 to January 2024, the most significant decline was observed in energy products, by 2.9%, while growth was observed in food, non-alcoholic beverages, and tobacco products, which increased by 3.2%.

The index is calculated in accordance with the harmonized approach and methodology defined by the European Union in a series of relevant regulations.

It is worth reminding that according to the Consumer Price Index, in January, there was an increase in prices for 31 out of 45 main consumer goods in the Republic of Cyprus.