According to the recent Consumer Price Index (CPI) report released by the Statistical Service of Cyprus, inflation for September 2023 has risen sharply to 4%. This is a jump from August's 2.6% when the CPI stood at 116.34 units. By September, the index climbed to 117.67 units, an increase of 1.33 units.

Delving into the data from January to September 2023, there was a consistent 4% rise in the CPI compared to the same duration in 2022.

• Agricultural Goods: A notable yearly increase of 15.2% was seen in September 2023 when compared to the same month in 2022.

• Petroleum Products: This sector witnessed the highest monthly inflation with a 5.1% hike compared to August 2023.

• Food and Non-Alcoholic Beverages: Prices in this category surged by 9.7% year-over-year. Over the period from January to September 2023, they rose by 9.1%.

• Clothing and Footwear: This category saw the most significant monthly price surge with a 7.8% increase from August.

• Communication: Interestingly, this was the only sector to experience a decline, with a slight decrease of 0.6% year-over-year.

• Other Noteworthy Increases: From January to September 2023, considerable year-over-year price hikes were observed in Restaurants and Hotels (6.1%), and Housing, Water, Electricity, Gas, and Other Fuels (5.8%).