In December, Cyprus experienced a notable surge in consumer price inflation, reaching its peak in six months, primarily driven by rising food prices, according to preliminary statistics released on Thursday.
The consumer price index exhibited a 2.6% increase compared to the same month the previous year, building on a 1.5% rise recorded in November. This inflation rate marks the highest point since June, when it was reported at 2.9%.
Within the index, the category for food and non-alcoholic beverages led with a notable increase of 7.58%. This was closely followed by a 4.37% rise in prices within the restaurants and hotels sector.
Meanwhile, the prices within the clothing and footwear category declined by 2.64%, exerting the most significant downward pressure on the consumer price index.
On a monthly comparison, consumer prices experienced a marginal rise of 0.1%.
For the entirety of 2024, the inflation rate settled at 1.81%, significantly lower than the 3.53% recorded in the previous year. This marked the lowest annual inflation rate in four years.
