Cyprus Inflation Eases Slightly To 2.5% In January

by THEFUTURE.TEAM

February 7, 2025

Inflation in Cyprus stood at 2.5% in January, down marginally from 2.6% in December, according to the Cyprus Statistical Service (Cystat). The Consumer Price Index (CPI) dropped by 1.58 points to 116.73, reflecting a slowdown in price growth.

Agricultural Goods saw the most volatility, rising 10% year-on-year but declining 6.1% from December. Food and Non-Alcoholic Beverages increased by 4.8% annually, while Restaurants and Hotels rose by 4.1%. Clothing and Footwear recorded the steepest monthly drop, falling 13%.

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The biggest contributors to annual inflation were Food and Non-Alcoholic Beverages (+1.07) and Transport (+0.56), while Clothing and Footwear (-0.18) exerted downward pressure. Month-on-month, Clothing and Footwear (-1.00) had the most significant deflationary effect.

Catering Services (+0.48), Fresh Vegetables (+0.36), and Meat (+0.24) were key drivers of price increases, while Clothing Items (-0.81) pulled inflation down. Petroleum Products had the largest positive monthly impact (+0.15), while Clothing Items saw the biggest decline (-0.71).

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Cypriot Government Charts New Course For Natural Gas Development

by THEFUTURE.TEAM

May 21, 2026

Strategic Decisions At The Ministerial Council

The Cypriot Ministerial Council has unveiled decisive steps to advance the development and production of Cyprus’s natural gas resources. At the commencement of the session at the Presidential Mansion, President Nicos Christodoulides confirmed several landmark decisions that underscore the nation’s commitment to energy security and economic growth.

Key Development And Production Initiatives

One of the main decisions approved during the session was the development and production plan for the Kronos gas field. The council also approved agreements defining key commercial terms for the future sale of Cypriot natural gas.

According to the government, the objective is to begin exporting Cyprus’ first natural gas shipments to Europe through Egypt by 2028. The project is expected to strengthen Cyprus’ position within the regional energy market while expanding energy cooperation with Europe.

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Anticipated Collaborations And Future Announcements

President Christodoulides noted that further announcements will soon follow in close collaboration with ExxonMobil, as the administration prepares for successive stages in the energy project. This partnership reinforces Cyprus’s strategic direction towards leveraging its energy assets while fostering international industry ties.

Commitment To Energy And Social Cohesion

The President said the latest decisions are linked to commitments included in the government’s 2026 policy programme. He described the development of Cyprus’ energy resources as a strategic priority intended to support economic growth, energy diversification and broader social and development policies.

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