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Cyprus Inflation at 2.9% In January 2025: Key Drivers And Divergent Trends

by THEFUTURE.TEAM

February 25, 2025

In January 2025, Cyprus’ Harmonized Index of Consumer Prices (HICP) climbed 2.9% year-over-year, though it dipped 1.4% from December 2024, according to the Statistical Service. Here’s a breakdown of the major shifts by category:

Cyprus – What’s Moving The Needle

Biggest Annual Increases:
- Recreation and Culture: +7.5%
- Food and Non-Alcoholic Beverages: +5.3%
- Restaurants and Hotels: +4.8%
Steepest Monthly Declines:
- Clothing and Footwear: -13.7%
- Food and Non-Alcoholic Beverages: -1.6%

Economic Categories In Focus

Highest Annual Gains:
- Food, Alcoholic Beverages and Tobacco: +4.3%
- Services: +4.2%
Notable Monthly Drop:
- Non-Energy Industrial Products: -4%

Eurozone Snapshot By Eurostat

The Eurozone recorded an annual inflation rate of 2.5% in January 2025.

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Country Highlights:
- Greece: Inflation climbed to 3.1% (up from 2.9% in December 2024).
- Lower Inflation Rates: Denmark at 1.4%; Ireland, Italy, and Finland at 1.7%.
- Higher Inflation Rates: Hungary at 5.7%, Romania at 5.3%, and Croatia at 5.0%.
Core Inflation: Excluding food and energy, core inflation remains steady at 2.7% annually, with a monthly uptick of 0.9%, slightly below the initial 1% estimate.
Key Inflation Contributors:
- Services: +1.77% (largest driver)
- Followed by: Food, alcohol, and tobacco (+0.45%), Energy (+0.18%), and Non-energy industrial goods (+0.12%).

Compared to December 2024, annual inflation decreased in eight Member States, stayed flat in four, and rose in fifteen.

These figures underline a nuanced inflation landscape, with strong gains in leisure and dining offset by falling prices in clothing and non-energy industrial goods, while the broader Eurozone exhibits a mixed picture amid shifting economic pressures.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.