Cyprus’s annual inflation rate remained stuck at 3% in January despite government measures offering zero-rate VAT on essential goods until the end of 2025, Eurostat data showed on Monday.
The figure marks a significant increase from 2.1% recorded in January 2024, though well below the 6.8% seen in January 2023, according to the European Union’s statistics office.
The persistent inflation in Cyprus comes as the eurozone’s overall rate edged up to 2.5% from 2.4% in December, with energy prices rising 1.8% compared to 0.1% the previous month.
Cyprus now ranks among eight EU member states with harmonised inflation rates between 3% and 5%. Croatia leads this group at 5%, followed by Belgium at 4.4%, Slovakia at 4.1%, Austria at 3.5%, Lithuania at 3.4%, Greece at 3.1%, and Latvia matching Cyprus at 3%.
Food inflation across the eurozone showed signs of easing, with the food, alcohol and tobacco index rising 2.3% compared to 2.6% in December. Services inflation also declined marginally to 3.9% from 4%.
Ireland recorded the lowest harmonised inflation rate at 1.5%, followed by Finland at 1.6%, while Italy and Malta both registered 1.7%, and France 1.8%.
