Inflation in South Cyprus Drops to 2.1 per cent in July

For the period from January to July 2024, the CPI recorded an overall increase of 2.1 per cent compared to the same period last year.

Moreover, the most notable changes in economic categories compared to July 2023 were observed in agricultural products, which saw an increase of 6.7 per cent, and petroleum products, which rose by 4.1 per cent.

Compared to the previous month, the largest change was also in agricultural products, with an increase of 4.5 per cent.

Meanwhile, compared to July 2023, the most significant increases were noted in the categories of restaurants and hotels, which rose by 5.4 per cent, and food and non-alcoholic beverages, which increased by 3.6 per cent.

In comparison to June 2024, the most substantial change was observed in the category of clothing and footwear, which experienced a decrease of 10.4 per cent.

For the period from January to July 2024, the largest increases compared to the same period last year were in the categories of restaurants and hotels, with a rise of 5.7 per cent, and other goods and services, which saw an increase of 3.4 per cent.

Elsewhere, the report showed that the categories of food and non-alcoholic beverages (0.82 points), as well as restaurants and hotels (0.55 points), had the most significant positive impact on the CPI change in July 2024 compared to July 2023.

The largest impact on the CPI change compared to the previous month was seen in the clothing and footwear category, which decreased by 0.81 points.

The most significant factors affecting the CPI change in July 2024 compared to July 2023 were catering services (0.53 points), petroleum products (0.39 points), and fresh vegetables (0.34 points).

Finally, clothing items had the most substantial impact on the CPI change in July 2024 compared to the previous month, with a decrease of 0.53 points.

Source: Cyprus Mail