Exploring the Inflation Landscape in Cyprus
The latest figures released by the Cyprus Statistical Service have painted a detailed picture of the country’s economic climate, particularly concerning the inflation rate. As of April 2024, the harmonised inflation rate saw a 2.1 per cent year-on-year increase, highlighting a persistent upward trend in consumer prices.
Scrutinizing the month-to-month data, there was a notable 1.4 per cent climb from March to April 2024. This surge has been attributed predominantly to the energy sector, which experienced a sharp 7.6 per cent rise in prices within just one month. Over the broader timeframe from January to April 2024, the inflation rate has cumulatively ascended by 2 per cent when juxtaposed against the same period in the preceding year.
Diving into specific economic categories, the sectors of Restaurants and Hotels, as well as Housing, Water, Electricity, and Gas, have seen the most significant year-on-year increases at 5.4 per cent and 3.5 per cent respectively as of April 2024. On a monthly basis, Transport and Clothing and Footwear experienced the steepest hikes at 4.5 per cent and 4.4 per cent compared to March 2024.
When examining the period from January to April 2024 against the analogous stretch in 2023, Restaurants and Hotels once again topped the chart with a 5.7 per cent rise. However, it’s the Energy sector that continues to command attention. The figures underscored its volatility with pronounced changes both on an annual basis, at 6.4 per cent, and when compared to the preceding month, at a staggering 7.6 per cent.
The data provided by the Cyprus Statistical Service serves as a crucial barometer for businesses and policymakers alike, offering insights into consumer price trends and economic health. As sectors like energy continue to exhibit significant fluctuations, stakeholders will be keeping a watchful eye on these trends to strategize accordingly.
