Cyprus’s inflation rate fell to its lowest level in more than three years in October 2024, driven by a significant drop in fuel prices, the Statistical Service reported Thursday.
The Consumer Price Index (CPI) increased by 0.16 points to reach 118.64 points in October 2024, compared to 118.48 points in September 2024. The annual inflation rate stood at 0.6 percent, marking the lowest rate since March 2021.
For the January-October 2024 period, the CPI recorded a 1.8 percent increase compared to the same period last year.
The largest price movement compared to October 2023 was recorded in petroleum products, which fell by 12.75 percent. Agricultural products showed the biggest monthly change, declining by 2.17 percent from September.
Restaurants and Hotels saw the highest year-on-year increase at 5.4 percent, followed by Food and Non-Alcoholic Beverages at 5.0 percent. Transport costs decreased by 6.9 percent compared to the previous year.
Read more:
