Cyprus consumer prices rise slightly in January

Inflation in Cyprus recorded mild annual growth in January 2026, while consumer prices edged slightly lower on a monthly basis, according to the state statistical service (Cystat).

According to the Harmonised Index of Consumer Prices (HICP) for January 2026, prices rose by 0.5 per cent compared with January 2025, whereas they decreased by 0.3 per cent compared with December 2025.

As a result, the HICP stood at 99.98 units in January 2026, down from 100.28 units a month earlier.

On an annual basis, the strongest increases were recorded in restaurants and accommodation services, which rose by 4.8 per cent, followed by educational services at 3.7 per cent and recreation, sports and culture at 3.2 per cent.

At the same time, notable decreases were observed in clothing and footwear, which fell by 7 per cent, while transport declined by 2.45 per cent and information and communication by 1.97 per cent.

Food and non-alcoholic beverages also increased annually, rising by 3 per cent, whereas health and insurance services recorded only marginal growth.

Looking at monthly developments, comparing January 2026 with December 2025, the largest movement was again in clothing and footwear, which dropped by 12.1 per cent, while food and non-alcoholic beverages rose by 3.5 per cent.

Meanwhile, transport prices fell by 1.33 per cent over the month and information and communication declined by 1.67 per cent, alongside a small drop in furnishings and household equipment.

From an economic origin perspective, agricultural goods recorded the strongest annual increase, up by 8.2 per cent, and services rose by 3.27 per cent.

By contrast, electricity and water decreased by 6.5 per cent and petroleum products by 6.1 per cent, while industrial goods excluding petroleum products also declined slightly.

In terms of contributions to inflation compared with January 2025, the largest positive impact came from food and non-alcoholic beverages and restaurants and accommodation services, followed by recreation, sports and culture.

Conversely, clothing and footwear and transport exerted the strongest downward pressure on the index.

Among individual items, catering services provided the largest positive annual contribution, whereas petroleum products had the greatest negative effect.

On a monthly basis, fresh vegetables contributed most to the increase, while clothing items recorded the largest negative impact.