Inflation In Cyprus Climbs To 3.1% In December, Outpacing Eurozone Average

by THEFUTURE.TEAM

January 8, 2025

Annual inflation in Cyprus is projected to rise to 3.1% in December 2024, a noticeable increase from 2.2% in November, according to a flash estimate by Eurostat, the European Union’s statistical office. This figure surpasses the eurozone’s average annual inflation rate, which is expected to edge up to 2.4% in December, compared to 2.2% in November.

Key Drivers Of Eurozone Inflation

Breaking down the eurozone inflation data, services are anticipated to record the highest annual rate at 4.0% in December, slightly up from 3.9% in November. Other contributing factors include:

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Food, Alcohol & Tobacco: Stable at 2.7% compared to November.
Non-Energy Industrial Goods: A minor decrease to 0.5%, from 0.6% in November.
Energy: A significant recovery, moving to 0.1% in December after recording a deflationary rate of -2.0% in November.

A Closer Look At Cyprus

While eurozone inflation remains relatively subdued, Cyprus faces a sharper increase. The island’s higher inflation trajectory underscores the need for vigilance in monitoring price trends, particularly as global energy and service costs play a critical role in shaping inflationary pressures.

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MENA Tech Index Fell 4.6% In July, But Outperformed Global Tech

by THEFUTURE.TEAM

August 25, 2026

The MAGNiTT Tech Index fell 4.6% in July, marking its second consecutive monthly decline as technology stocks weakened across global markets. MGTI closed the month at 165.24, down 4.76% in 2026 and 24.88% from its January 2025 peak.

Despite the decline, the index remained 65.24% above its January 2023 inception level. Its lower correlation with global technology benchmarks also limited its exposure to the broader technology sell-off.

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Saudi Technology Stocks Lead The Decline

Saudi technology companies accounted for much of July’s decline. Nice One fell 21.3%, Jahez dropped 17.2%, and Rasan declined 15.7%, while Talabat gave back part of its second-quarter recovery.

Only three of the index’s 15 constituents ended July higher. MGTI also underperformed regional equity markets, with Saudi Arabia falling 1.89% and Dubai declining 2.69% during the month.

MGTI Shows Lower Correlation With Global Tech

July marked a reversal in global technology stocks, with MSCI EM IT falling 12.81% and MSCI ACWI IT declining 5.64%. MGTI’s lower correlation with those benchmarks limited the decline, with a correlation of 0.36 to MSCI EM IT.

The index also has limited exposure to semiconductors and large-cap AI companies that have driven much of the recent global technology rally. Its performance therefore differs from the broader global technology cycle.

MGTI Remains Above Its 2023 Level

MGTI has gained 65.24% since its January 2023 inception despite its recent declines. The index entered August down 4.76% for 2026 and nearly 25% below its January 2025 peak.

The MAGNiTT Tech Index July 2026 Monthly Update includes constituent-level performance, regional and global benchmark comparisons, and data on correlation, beta and volatility.

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