Inflation in August rose by 1.5%, marking a slowdown compared to July’s 2.11% increase.

According to the Statistical Service of Cyprus, the Consumer Price Index (CPI) increased by 0.37 points in August 2024, reaching 118.10 points compared to 117.73 points in July 2024.

For the period from January to August 2024, the CPI saw a 2.0% increase compared to the same period in 2023.

The most significant changes in economic categories, both year-over-year and compared to the previous month, were recorded in Agricultural Products, which increased by 6.8% and 4.5%, respectively.

Compared to August 2023, the largest price increases were observed in the categories of Restaurants and Hotels (5.6%) and Food and Non-Alcoholic Beverages (3.4%).

In comparison with July 2024, the largest change was seen in the category of Food and Non-Alcoholic Beverages (1.7%).

For the period from January to August 2024, compared to the same period in 2023, the largest increases were noted in the categories of Restaurants and Hotels (5.7%) and Other Goods and Services (3.3%).

The categories that contributed the most to the August 2024 CPI increase compared to August 2023 were Food and Non-Alcoholic Beverages (0.79 points) and Restaurants and Hotels (0.58 points).

The category with the largest negative impact on the CPI in August 2024 compared to August 2023 was Transport (-0.40 points).

The biggest contributor to the CPI change compared to the previous month was the category of Food and Non-Alcoholic Beverages (0.41 points).

Regarding the year-on-year comparison, the categories that had the most significant positive impact on the August 2024 CPI were Catering Services (0.56 points) and Fresh Vegetables (0.4 points).

Fresh Vegetables (0.51 points) also had the most positive effect on the CPI compared to the previous month, while the largest negative impact came from the category of Petroleum Products (-0.53 points).