Cyprus Records 4.3% Year-on-Year Increase in Consumer Prices in September 2023

In September 2023, Cyprus witnessed a 4.3 percent increase in the Harmonised Index of Consumer Prices (HICP) compared to the same month the previous year, as reported by the Cyprus Statistical Service. This inflation surge also marked a 0.2 percent rise when compared to the preceding month. For the period spanning from January to September 2023, Cyprus recorded an inflation rate of 4.4 percent, indicating a substantial increase compared to the same period in the previous year.

Analyzing the data relative to September 2022, the categories of food and non-alcoholic beverages experienced a significant uptick of 10.2 percent, followed by restaurants and hotels with a 5.9 percent increase. When compared to August 2023, the most notable variation occurred in the clothing and footwear category, where prices rose by 7.6 percent.

The statistical service's report also highlighted that, from January to September 2023, the most significant fluctuations were observed in the categories of food and non-alcoholic beverages, which saw a 9.4 percent increase, and restaurants and hotels with a 6.5 percent rise, in comparison to the same period in the previous year.

The most remarkable change in economic categories, relative to September 2022, was noted in the category of food, alcoholic beverages, and tobacco, with an 8.5 percent increase. Furthermore, concerning month-on-month changes, the energy category recorded the most significant fluctuation, rising by 3.4 percent compared to the previous month.

It's worth noting that the HICP for the Eurozone in September was based on an estimate by Eurostat (flash estimate), as reported by the Cyprus Statistical Service. These inflation figures reflect the economic conditions and consumer price changes in Cyprus during the specified periods.

By fLEXI tEAM