At the end of December 2023, the number of registered unemployed in Cyprus reached an eight-month high, while the number experienced at least a thirteen-year low based on seasonally adjusted data, indicating trends in unemployment.

According to the Statistical Service, based on records kept at the Provincial Labor Offices, the number of registered unemployed at the end of December 2023 reached 13,670 persons, the highest level since April 2023.

Based on seasonally adjusted data, which shows the trend of unemployment, the number of registered unemployed in December 2023 decreased to 11,838 persons, compared to 11,909 the previous month. This presents the lowest number of unemployed since at least January 2011 for which data are available.

Compared to December 2022, the Statistical Service noted a decrease of 2,462 persons or 15.3%, mainly attributed to sectors such as financial and insurance activities, accommodation and food service activities, trade, construction, and a decrease noted among newcomers to the labor market.

Inflation in December decreased to 1.6% on an annual basis, a four-month low, remaining as in the previous month (November 2023) within the European Central Bank's target of below 2%.

After dropping to a 31-month low in July 2023 at 1.47%, inflation followed an upward trend in the next two months (August and September - 2.64% and 4.02%, respectively) before returning to a downward trajectory in October of the same year, showing an increase rate of 3.47%.

According to the Statistical Service, the Consumer Price Index (CPI) in December 2023 decreased by 1.22 points, reaching 115.29 points, compared to 116.51 points in November 2023.

For the period January – December 2023, the CPI recorded an increase of 3.5% compared to 8.39% for the corresponding period in 2022.