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Inflation edges up to 1.7% in January

The annual inflation rate in Cyprus edged up to 1.7% in January 2024, from 1.6% the previous month, as prices tumbled for furnishings, household equipment & routine maintenance of the house (-0.3% vs 0.9% in December).

Moreover, prices increased at a faster pace for alcoholic beverages & tobacco (3% vs 2.9%), recreation & culture (2.1% vs 2%), and restaurants & hotels (5.6% vs 5.4%).

Meanwhile, prices slowed for food & non-alcoholic beverages (2.8% vs 3.4%), clothing & footwear (1.3% vs 1.8%), housing & utilities (1% vs 1.6%), health (1.3% vs 1.4%), and miscellaneous goods & services (3.3% vs 3.7%).

On a monthly basis, consumer prices fell 1.2% in January, following a 1.1% drop in the previous month.

(Source: Cystat)

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