The Harmonized Index of Consumer Prices (HICP) saw a year-on-year increase of 2.2% between August 2023 and August 2024, as reported by the Statistical Service on Wednesday. The index also rose by 0.9% between July 2024 and August 2024, with the most notable growth observed in the Services sector.
For the January to August 2024 period, the HICP showed a 2.3% rise compared to the same timeframe in the previous year.
When compared to August 2023, the most significant price hikes occurred in Recreation and Culture (74%) and Restaurants and Hotels (5.6%).
Month-on-month, from July to August 2024, the largest increases were recorded in Restaurants and Hotels (2.1%), Food and Non-Alcoholic Beverages (1.7%), and Transport (1.5%).
Looking at the January to August 2024 period versus the corresponding period in 2023, the Restaurants and Hotels sector posted the largest rise, with a 5.6% increase.
In terms of economic origin, the Services category saw the highest growth, both in comparison to August 2023 (4.2%) and the previous month of July 2024 (1.8%).
Source: Stockwatch.com.cy