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Inflation in Cyprus took a breather in July after three months of climbing prices. According to new figures released by the Cyprus Statistical Service, the cost of living went up by 2.1% in July. While that’s still a rise, it’s a slower pace compared to the previous months: 2.9% in June, 2.7% in May, and 2.36% in April.
The Consumer Price Index (CPI), which tracks changes in the cost of everyday items, barely budged from June to July, moving from 117.72 points to 117.73 points. This index shows how much prices have increased over time.
From January to July 2024, prices have gone up by 2.1% compared to the same months last year. The biggest jumps in prices were seen in agricultural products, which soared by 6.7%, and fuel, which rose by 4.1%. Agricultural products also saw the largest monthly increase of 4.5% from June to July.
Breaking it down further, compared to July 2023, prices at restaurants and hotels rose by 5.4%, and food and non-alcoholic beverages increased by 3.6%. On the flip side, clothing and footwear prices dropped significantly by 10.4% in just one month.
Over the first seven months of 2024, the biggest increases were in dining out and hotel stays (up 5.7%) and various other goods and services (up 3.4%).
In July, the biggest contributors to the rise in the cost of living were food and beverages, which added 0.82 points to the CPI, and dining and hotels, which added 0.55 points. Conversely, clothing and footwear, which saw a notable decrease, subtracted 0.81 points from the CPI.
Overall, while some prices are still climbing, the slower pace of inflation this July offers a bit of relief for Cyprus residents.
[With info from CNA]
