Inflation in Cyprus in February was 1.8 percent

According to a report published by the Cyprus Statistical Service (Cystat), there was a moderate increase in inflation in the country in February 2024 - 1.8 percent.

The largest change in economic categories compared to the same period last year occurred in the services sector, with an increase of 3.7 percent. Compared to February 2023, the highest growth occurred in the "Restaurants and Hotels" category - 6.2 percent.

At the same time, the most significant change compared to the previous month occurred in agricultural products, which increased by 5.6 percent.

It is also noted that the increase followed a noticeable decrease in the inflation rate observed in previous months, with a decrease recorded in November and December 2023, as well as in January 2024.

Consumer price inflation in February 2024 increased by 1.03 points, reaching 114.93 points compared to 113.90 points in January 2024. This change is significant considering the trend of inflation in recent months.

In particular, in November 2023, inflation significantly decreased: to 1.71% on an annual basis and 3.47% compared to the previous month.

Similar trends were observed in December 2023 and January 2024 - 1.64% and 1.69% respectively.

The statistical institute's study states that despite the recent increase, inflation remains below the European Central Bank's target of 2 percent for the eurozone, indicating a relatively stable economic situation.