Latest reading: Consumer prices rose 0.7% on a year-on-year basis in January, following a 1.3% rise in the previous month....
Inflation in Cyprus
Harmonized consumer price inflation averaged 1.3% in the ten years to 2024. The 2024 average figure was 2.3%. For more inflation information, visit our dedicated page.
Cyprus Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Cyprus from 2014 to 2025.
Source: Macrobond.
Cyprus Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | -1.1 | 2.3 | 8.1 | 3.9 | 2.3 |
| Inflation (CPI, ann. var. %, eop) | -1.1 | 4.8 | 7.9 | 1.6 | 2.6 |
| Inflation (HICP, ann. var. %, eop) | -0.8 | 4.8 | 7.6 | 1.9 | 3.1 |
Inflation stabilizes in December from November
Latest reading: Harmonized consumer prices rose 0.1% on a year-on-year basis in December, unchanged from November. The reading remained the lowest in the EU for the eighth consecutive month. Relative to the previous month's data, there were reduced price pressures for food and non-alcoholic beverages (-2.1% vs -1.6% in November), housing and utilities (-3.2% vs -2.6% in November) and restaurants and hotels (+4.4% vs +4.5% in November). At the same time, the variations in recreation and transportation were the same as in the prior month (+5.1% and -1.5%, respectively). Meanwhile, consumer prices declined 0.5% in December, unchanged from the prior month's reading. Lastly, harmonized consumer prices were down 0.37% in December in month-on-month terms, following a 1.06% decline in the prior month.
Panelist insight: EIU analysts commented on this year’s outlook: “We have also revised up our inflation forecast for 2026 from 1.4% to 1.8%. Higher inflation in 2026 will partially reflect the effects of low base effects from deflation in much of the year-earlier period. However, it will also reflect a very hot labour market and low unemployment, which should contribute to strong core inflation in 2026.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Cypriot inflation projections for the next ten years from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Cypriot inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Cypriot inflation projections.
Want to get access to the full dataset of Cypriot inflation forecasts? Send an email to info@focus-economics.com.
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