Rising costs of utilities and dining out are hitting home

The Harmonised Index of Consumer Prices (HICP) in Cyprus remained steady at 3% in June, according to data released on Wednesday by the Cyprus Statistical Service (CyStat). This stability comes despite noticeable price hikes in key areas like electricity, housing, water, restaurants, and hotels.

Compared to the previous month, the HICP saw a slight increase of 0.4%. Over the first half of 2024, the HICP rose by 2.3% compared to the same period last year, CyStat reported.

The most significant year-on-year price increases were in Housing, Water, Electricity, Gas, and Other Fuels, which surged by 6.4%, and in Restaurants and Hotels, which climbed by 5.3%.

While the overall index remained stable, these essential services and commodities experienced notable cost increases, reflecting ongoing economic pressures.

For many residents, the rising costs of utilities and dining out are hitting home. "I’ve noticed my electricity bills going up, and eating out has definitely become more expensive," said local resident Maria Antoniou.

As consumers brace for potentially more price hikes, the steady overall inflation rate offers a mixed picture of economic stability and underlying cost pressures.

[With information from CNA]