In January, Cyprus experienced a slight increase in inflation, rising to 1.7% compared to the 1.64% recorded in December 2023. This marks a significant decrease from January 2023's inflation rate of 7.11%.

According to data from the Statistical Service of Cyprus, the Consumer Price Index in January 2024 decreased by 1.39 points, settling at 113.90 compared to 115.29 in December 2023.

The most notable changes in economic categories compared to January 2023 were observed in Agricultural Products, which increased by 4.4%, and Petroleum Products, which decreased by 4.1%. In comparison with the previous month, the most significant changes were seen in Petroleum Products (-2.3%) and Industrial Products (excluding Petroleum) also at -2.3%.

Compared to January 2023, the highest change was recorded in the Restaurants and Hotels category, which saw an increase of 5.6%.

In contrast, the largest change from December 2023 was in the Clothing and Footwear category, with a significant decrease of 13.0%.

The retail trade turnover value in 2023 saw an increase of 8.9%, while the volume of retail trade operations rose by 5.8%.

Data from the Statistical Service for the period from January to December 2023 indicates that the value index increased by 8.9%, and the volume index rose by 5.8% compared to the same period in 2022.

In December 2023, the Retail Trade Turnover Value Index increased by 4.2% compared to the same month in the previous year. Simultaneously, the Retail Trade Volume Index saw an increase of 3.4% compared to December of the previous year.