In February 2024, Cyprus’s inflation rate increased by 1.8 percent, reaching a consumer price index of 114.93 points. The rise was mainly driven by a significant 3.7 percent increase in the services sector, though it remains below the European Central Bank’s target of 2 percent for the Eurozone.
What was the inflation rate in Cyprus in February 2024?
In February 2024, Cyprus’s inflation rate rose by 1.8 percent, with the consumer price index (CPI) increasing to 114.93 points. The services sector saw a significant 3.7 percent increase, influencing this modest rise in the country’s inflation, which remains below the European Central Bank’s target of 2 percent for the Eurozone.
Inflation Trends in Cyprus
In the month of February 2024, Cyprus experienced a modest rise in inflation by 1.8 percent, as reported by the Cyprus Statistical Service (Cystat). This increase, primarily influenced by the services sector, denotes a slight shift in the country’s economic landscape. It’s an interesting development considering the trend of decreasing inflation rates Cyprus had seen in the previous months, which included November and December of 2023, as well as January of 2024.
The consumer price index (CPI) escalated by 1.03 points from the preceding month, reaching 114.93 points. This rise in inflation remains below the European Central Bank’s target for the Eurozone, which is set at 2 percent, suggesting that the economy is still relatively stable despite the uptick.
Sector-Specific Changes
A closer look at the numbers reveals a more nuanced picture of the economic changes in Cyprus. In contrast to the overall inflation rate, the services sector experienced a significant leap with a 3.7 percent increase. This was notably higher compared to other categories. Meanwhile, the agricultural products saw a substantial month-over-month increase of 5.6 percent, indicating a more volatile sector.
Restaurants and hotels topped the chart with a 6.2 percent surge when compared to the previous year. When we look at the changes from January 2024 to February 2024, clothing and footwear, along with food and non-alcoholic beverages, showed the highest increases. These categories rose by 3.1 percent and 2.7 percent respectively.
Impact on Consumer Price Index
The impact of various categories on the CPI was also highlighted in the report. Restaurants and hotels, along with food and non-alcoholic beverages, had the most significant positive influence on the year-over-year change in the CPI for February 2024. Specifically, catering services alone accounted for a 0.60 point increase in the CPI.
Fresh vegetables were also a major contributor to the month-over-month change in the CPI, underscoring the essential role that food and dining establishments play in the economic environment of Cyprus. The report details the volatility of certain sectors that have substantial effects on the nation’s inflation dynamics, with the trends aiding in understanding the broader economic health of Cyprus.
What was the inflation rate in Cyprus in February 2024?
In February 2024, Cyprus’s inflation rate rose by 1.8 percent, with the consumer price index (CPI) increasing to 114.93 points. The services sector saw a significant 3.7 percent increase, influencing this modest rise in the country’s inflation, which remains below the European Central Bank’s target of 2 percent for the Eurozone.
How does the inflation trend in Cyprus compare to previous months?
In February 2024, Cyprus experienced a modest rise in inflation by 1.8 percent, following a trend of decreasing inflation rates in the previous months, including November and December of 2023, as well as January of 2024. The increase in February, driven by the services sector, suggests a slight shift in the economic landscape of the country.
Which sector saw the most significant changes in Cyprus’s inflation rate?
The services sector in Cyprus experienced a substantial increase of 3.7 percent in February 2024, contributing significantly to the country’s overall inflation rate. Additionally, agricultural products saw a notable month-over-month increase of 5.6 percent, indicating more volatility in that sector compared to others.
What categories had the most impact on the Consumer Price Index in Cyprus?
Restaurants and hotels, as well as food and non-alcoholic beverages, had the most significant positive influence on the year-over-year change in the CPI for February 2024 in Cyprus. Catering services alone contributed a 0.60 point increase to the CPI, highlighting the essential role of food-related establishments in the nation’s economic environment.
