Inflation Cyprus 2024
Average inflation: 1.8%
Current Inflation
Inflation is low at 1.8%, below the ECB target of 2%.
Peak and Trough
The highest inflation was in June at 2.9%. The lowest inflation was in October at 0.6%.
- Highest month
- June: 2.9%
- Lowest month
- October: 0.6%
- Difference
- 2.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 3.3%. The lowest price increase was in Energy with an average of -0.9%.
- Highest increase
- Food: 3.3%
- Lowest increase
- Energy: -0.9%
Historical Context
Current inflation is 1.3% lower than the 5-year average of 3.1%.
- 5-year average
- 3.1%
- 10-year average
- 1.4%
- All-time high (2022)
- 8.4%
- All-time low (2015)
- -2.1%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +1.8 percentage point.
- Change vs. previous year
- -1.8 percentage points
- Largest monthly swing
- January: -5.4 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for €100 this year will cost approximately €101.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 1.7% | -5.4 |
| February | 1.8% | -4.9 |
| March | 1.2% | -4.6 |
| April | 2.4% | -1.3 |
| May | 2.7% | -0.3 |
| June | 2.9% | +1.0 |
| July | 2.1% | +0.6 |
| August | 1.5% | -1.1 |
| September | 0.7% | -3.3 |
| October | 0.6% | -2.9 |
| November | 1.5% | -0.2 |
| December | 2.6% | +1.0 |
| Average | 1.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.