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Cyprus Inflation: Key Shifts In 2024 Consumer Prices

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%.

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.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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