Cyprus HICP Inflation Rises To 3.1%, Highest In 14 Months

(RTTNews) - Cyprus's EU measure of consumer price inflation accelerated further in December to the highest level in more than a year, data from the statistical office showed on Friday.

The harmonized index of consumer prices, or HICP, climbed 3.1 percent year-on-year in December, faster than the 2.2 percent increase in November.

Further, this was the highest inflation since October 2023, when prices had risen 3.6 percent.

The annual price growth in food and non-alcoholic beverages accelerated to 7.3 percent from 4.2 percent. Utility costs rebounded 1.0 percent after a 1.1 percent fall in November.

On a monthly basis, the HICP decreased 0.3 percent in December.

The average annual inflation rate for the year 2024 was 2.3 percent, the agency said.