Newsroom
Consumer prices in Cyprus are rising more slowly, with the annual inflation rate dropping to 2.4% in July, down from 3% in June, according to the Statistical Service of Cyprus (Cystat).
From January to July 2024, prices overall increased by 2.3% compared to the same period last year. However, compared to June, prices in July saw a slight rise of 0.7%.
The biggest price increases compared to July 2023 were seen in Recreation and Culture, which went up by 7.2%, and in Restaurants and Hotels, which rose by 5.0%. On the flip side, the cost of furnishing and household equipment, along with communications, slightly decreased by 0.2% and 0.5% respectively.
The most significant annual increase was in services, which saw a 3.8% rise. However, when comparing July to June 2024, the biggest change was a 3.5% drop in the cost of non-energy industrial goods.
