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Cyprus Inflation: Key Shifts In 2024 Consumer Prices

by THEFUTURE.TEAM

January 3, 2025

Inflation in Cyprus stood at 1.8% for 2024, according to the latest figures from the Statistical Service. The Consumer Price Index (CPI) for the year saw a modest increase compared to 2023, reflecting subtle but notable shifts in specific economic categories.

In December 2024, the CPI edged up by 0.10 points, reaching 118.31 points from 118.21 points in November. On an annual basis, inflation for December accelerated to 2.6%.

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Noteworthy Category Changes

Among the most significant annual shifts, Agricultural Goods recorded a dramatic increase of 16.8% compared to December 2023. Month-on-month, the same category also saw a 2.6% rise, highlighting its continued volatility.

Other prominent contributors included Food and Non-Alcoholic Beverages, which rose by 7.6% year-on-year, and Restaurants and Hotels, up by 4.4% over the same period. On a monthly basis, Food and Non-Alcoholic Beverages also led the way with a 0.7% increase in December 2024.

For the full year, the Restaurants and Hotels category exhibited the most substantial change, growing by 5.4% compared to 2023.

Driving Forces Behind the CPI

The categories that contributed the most to the annual CPI increase were Food and Non-Alcoholic Beverages (1.69 units) and Restaurants and Hotels (0.45 units). Conversely, Clothing and Footwear exerted the most significant downward pressure, subtracting 0.21 units from the index.

On a month-to-month basis, the Food and Non-Alcoholic Beverages category had the greatest influence, contributing 0.16 units to the CPI increase.

Drilling down further, Fresh Vegetables emerged as the leading driver of the December 2024 CPI, with a positive impact of 0.90 units compared to December 2023. Catering Services (0.45 units) and Meat (0.23 units) also played significant roles. However, Potatoes acted as a drag on the index, contributing -0.17 units to the monthly change.

A Closer Look at Inflation’s Roots

Cyprus’s relatively low inflation rate in 2024 masks nuanced economic pressures. Rising food and hospitality costs are shaping consumer experiences, while agricultural price fluctuations add complexity to the inflation narrative. These trends underscore the evolving landscape for both consumers and businesses as the nation heads into 2025.

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EU Farm Output Prices Decline For The First Time In Nine Months

by THEFUTURE.TEAM

March 12, 2026

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.