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.
