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

by THEFUTURE.TEAM

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.

  • 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.

Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

by THEFUTURE.TEAM

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.

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