Inflation in Cyprus falls in July following three straight months of increases

After three months of increasing rates, Cyprus had a decrease in inflation in July 2024. Inflation rose 2.1% in July, according to new data published Thursday by the Cyprus Statistical Service. After seeing higher rates in June (2.9%), May (2.7%), and April (2.36%), this represents a decline.

In July 2024, the Consumer Price Index (CPI) reached 117.73 points, up from 117.72 points in June, a little increase of 0.01 points.

The Consumer Price Index increased 2.1% from January to July 2024 as compared to the corresponding period in 2023.

Several economic sectors showed notable shifts as compared to July 2023. There was a 6.7% increase in agricultural products and a 4.1% increase in petroleum products. The most notable shift from one month to the next was a 4.5% increase in Agricultural Products.

Percentage analysis change

The restaurant and hotel industry saw the largest percentage change (5.4%) and the food and non-alcoholic beverage category the second-largest (3.6%), relative to July 2023.

The greatest change from one month to the next was a decline of 10.4 percent in the apparel and footwear category starting in June 2024.

Restaurants and hotels had a change of 5.7% from January to July 2024 compared to the same period previous year, while other goods and services had a change of 3.4%.

Analysis of effects in units

When comparing July 2024 to July 2023, the Food and Non-Alcoholic Beverages category (0.82 points) and the Restaurants and Hotels category (0.55 points) had the greatest favourable effect on the change in the CPI.

When looking at the shift in the CPI from one month to the next, the Clothing and Footwear category's 0.81 point drop was the most noticeable.

The most significant contributions to the change in the CPI in July 2024 compared to July 2023 came from catering services (0.53 points), petroleum products (0.39 points), and fresh vegetables (0.34 points).

Contrarily, with a decline of 0.53 points in July 2024, Clothing had the most negative effect on the change in the CPI from one month to the next.