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Cyprus Inflation January 2024

Cyprus: Harmonized inflation rises in January

Harmonized inflation came in at 2.1% in January, up from December’s 1.9%. January’s result was the highest inflation rate since November 2023. The decline was driven by faster growth in prices for recreation and restaurants and hotels. Moreover, transportation prices fell at a softer rate.

The trend pointed down, with annual average harmonized inflation coming in at 3.6% in January (December: 3.9%). Meanwhile, consumer price inflation rose to 1.7% in January, from the previous month’s 1.6%.

Finally, harmonized consumer prices dropped 1.24% from the previous month in January, largely in line with December’s 1.23% drop.

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