Cyprus’ real estate market experienced a notable resurgence in April, with sales reaching 5,000 across the island. Property sales in Limassol increased by 3% in April 2024 compared to the previous year, while Nicosia and Larnaca saw significant growth with sales increasing by 43% and 44% respectively. Conversely, property sales in Paphos declined by 13% in April 2024 compared to the previous year.
Fact: Deputy Minister for Tourism Costas Koumis is optimistic that tourist arrivals in 2024 will equal the numbers registered last year, despite geopolitical crisis marking the region.
U.S. consumer prices rose more than expected in March due to higher gasoline and shelter costs, with the consumer price index increasing by 0.4%. Gasoline and shelter expenses made up over half of the CPI increase. In the 12 months leading to March, the CPI went up by 3.5%, surpassing the Federal Reserve’s 2% inflation target. Economists had predicted a 0.3% monthly increase and a 3.4% year-on-year increase. Despite a decrease from a peak of 9.1% in June 2022, the trend of disinflation has slowed recently. Some economists have postponed expectations for a rate cut to July, while others still believe the Fed may move in June. Fed Chair Jerome Powell has emphasized that there is no urgency to lower borrowing costs. The FedWatch Tool showed a 56.0% likelihood of a rate cut at the June 11-12 meeting. The core CPI, which excludes food and energy components, also rose by 0.4% in March and 3.8% over the 12 months ending in March.
Total beer deliveries in March 2023 increased by 10% compared to the previous year, with domestic deliveries driving the rise. Domestic deliveries amounted to 3.3 million litres, showing an 11.5% increase, while exports decreased by nearly 18% to 0.14 million litres.