Cyprus inflation rises in July, driven by recreation, restaurants, hotels

Cyprus experienced a 2.4 per year-on-year cent increase in the Harmonised Index of Consumer Prices (HICP) in July 2024, compared to the same month of the previous year.

The HICP, a key measure of inflation, also recorded a 0.7 per cent rise between June and July 2024, according to a report released on Tuesday by the Cyprus Statistical Service (Cystat).

For the first seven months of 2024, the index increased by 2.3 per cent compared to the corresponding period last year.

Among the various sectors, the most significant year-on-year increases were observed in recreation and culture, which saw a 7.2 per cent rise, and in restaurants and hotels, which reported a 5 per cent increase compared to July 2023.

On a monthly basis, the category of clothing and footwear experienced the most notable change, with a decrease of 11.4 per cent from June to July 2024.

Over the January to July 2024 period, restaurants and hotels recorded the largest increase, with a 5.6 per cent rise compared to the same period in the previous year.

When looking at the economic origin of the price changes, services saw the most significant year-on-year increase, with a 3.8 per cent rise compared to July 2023.

In contrast, the largest month-on-month decrease was observed in non-energy industrial goods, which fell by 3.5 per cent from June to July 2024.