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Cyprus’ Consumer Price Index Rises In May

by THEFUTURE.TEAM

June 6, 2024

Cyprus’ Consumer Price Index (CPI) experienced an increase to 117.84 units in May of this year, up from the 117.09 units recorded in April, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

This change, amounting to a 0.75-unit rise, marked a 2.7 per cent uptick in inflation, pointing to a more costly landscape for consumers.

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The report noted that from January to May 2024, the CPI’s overall climb reached 2 per cent compared to the corresponding period in the previous year, showcasing sustained inflationary pressures across various sectors.

The most pronounced yearly increase was observed in petroleum products, surging by 10 per cent compared to May 2023.

Regarding monthly changes, agricultural goods led with a significant 6.3 per cent rise from the previous month.

Focusing on specific categories, restaurants and hotels experienced the largest annual growth rate at 6.0 per cent, closely followed by the transport sector, which saw a 5.4 per cent increase.

Comparatively, from April to May, the food and non-alcoholic beverages category recorded the highest increase, surging by 1.8 per cent.

The year-to-date analysis further reveals substantial increases in restaurants and hotels at 5.9 per cent, and miscellaneous goods and services at 3.7 per cent, underscoring the broader economic shifts affecting these sectors.

Furthermore, transport, restaurants, and hotels made the most significant contributions to the annual CPI change, with increments of 0.93 and 0.60 units respectively.

From April to May 2024, the food and non-alcoholic beverages category had the largest effect, increasing the CPI by 0.42 units.

The data also highlights notable contributions from petroleum products and catering services to the annual CPI, with increases of 0.91 and 0.6 units respectively.

Additionally, on a month-over-month basis, fresh vegetables and fresh fruit significantly impacted the CPI, contributing 0.33 and 0.29 units respectively.

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EU Moderates Emissions While Sustaining Economic Momentum

by THEFUTURE.TEAM

November 15, 2025

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.