Cyprus inflation rises by 1.8 per cent in February
Cyprus experienced a 1.8 per cent inflation increase in February 2024, primarily driven by the services sector. This follows decreases in inflation rates in November and December 2023, and January 2024. The February 2024 Consumer Price Inflation (CPI) rose by 1.03 points to 114.93 compared to 113.90 in January 2024. Inflation rates for November 2023 fell to 1.71 per cent, December 2023 saw an increase of 1.64 per cent, and January 2024 had an increase of 1.69 per cent. Year-over-year, the largest change in February was in Services, with a 3.7 per cent increase. Agricultural Products saw the most significant monthly change with a 5.6 per cent rise. The Restaurants and Hotels category experienced the greatest annual change with a 6.2 per cent increase, while the largest monthly changes were in Clothing and Footwear (3.1 per cent) and Food and Non-Alcoholic Beverages (2.7 per cent). For January and February 2024, compared to the same period last year, notable changes were in Restaurants and Hotels (5.9 per cent) and Other Goods and Services (3.7 per cent). The categories with the most significant positive impact on the February 2024 CPI change compared to February 2023 were Restaurants and Hotels (0.62) and Food and Non-Alcoholic Beverages (0.43). Compared to the previous month, the greatest impacts were from Food and Non-Alcoholic Beverages (0.60) and Clothing and Footwear (0.22). Catering Services had a substantial impact on the annual CPI change for February 2024 (0.60), and Fresh Vegetables had the most significant monthly impact (0.38).