Inflation soared to its highest level since October 2023 in April of this year, according to a report released on Thursday by the Cyprus Statistical Service (Cystat), reigniting concerns amongst consumers and households.
According to the report, the consumer price index rose to 2.4 per cent in April, which is double the 1.2 per cent recorded in March and close to the 3.7 per cent recorded in April 2023. This, indeed, is the highest level since October 2023, when inflation reached 3.7 per cent.
Furthermore, the expiration of subsidies on motor fuel and heating oil from 1 April has pushed up the prices of oil products, which consumers now also have to contend with.
Specifically, in April 2024, the Consumer Price Index (CPI) increased by 1.68 units and reached 117.09 units compared to 115.41 units in March 2024. Hence, in April 2024, inflation increased by 2.4 per cent.
For the period January-April 2024, the CPI increased by 1.8 per cent compared to the corresponding period of the previous year.
In terms of economic origin, petroleum products had the largest change when compared both to the index of April 2023 (7.7 per cent) and to the index of the previous month (8.4 per cent).
Moreover, analysis of percentage changes reveals that, compared to April 2023, the largest change was monitored in the category of restaurants and hotels (5.8 per cent).
Finally, in comparison to the CPI of the previous month, the largest change was noted in transport (5.0 per cent).
For the period January–April 2024, compared to the corresponding period of the previous year, the largest changes were recorded in restaurants and Hotels (5.9 per cent) and miscellaneous goods and services (3.6 per cent).
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