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Cyprus Inflation March 2024

Cyprus: Harmonized inflation drops to lowest level since May 2021 in March

Harmonized inflation dropped to 1.6% in March, following February’s 2.1%. March’s result represented the lowest inflation rate since May 2021. The result was driven by moderating price pressures for food and non-alcoholic beverages and easing price pressures for housing and utilities. Moreover, prices for recreation grew at a more subdued pace.

Annual average harmonized inflation fell to 2.8% in March (February: 3.2%). Meanwhile, consumer price inflation fell to 1.2% in March, from the previous month’s 1.8%.

Lastly, harmonized consumer prices increased 0.76% from the previous month in March, which was below February’s 0.83% increase.

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