Annual inflation in Cyprus was projected to rise to 3.1% in December 2024, up from 2.2% in November, according to preliminary estimates released by Eurostat for inflation across the eurozone.

At the eurozone level, annual inflation was also expected to increase to 2.4% in December, compared to 2.2% in the previous month.

Breaking down the main components of eurozone inflation, services were anticipated to record the highest annual rate in December, rising to 4.0% from 3.9% in November. This was followed by:

• Food, Alcohol, and Tobacco: Remaining stable at 2.7% compared to November.

• Non-Energy Industrial Goods: Declining slightly to 0.5% from 0.6% in November.

• Energy Prices: Increasing marginally to 0.1%, a recovery from the -2.0% recorded in November.