Inflation in Northern Cyprus Ends 2024 at the Lowest Level in Three Years

In North Cyprus (TRNC), inflation dropped to its lowest level in the last three years in December. According to the announcement by the TRNC Statistical Institute, the increase in consumer prices in December compared to the previous month was 1.10%. On an annual basis, the inflation rate decreased from 59.88% to 53.29%. As a result, inflation reached its lowest point since December 2021, when it was 46.09%.

In terms of main expenditure groups, the highest increase compared to the previous month was in the Food and Non-Alcoholic Beverages category, with an increase of 2.49%. This was followed by a 2.23% rise in the Various Goods and Services category, a 2.03% increase in the Clothing and Footwear category, a 1.42% increase in the Restaurants and Hotels category, a 1.08% increase in the Furniture, Household Appliances, and Household Maintenance Services category, a 1.08% increase in Health, a 0.99% increase in Communication, a 0.58% increase in Entertainment and Culture, a 0.43% increase in Transportation, a 0.32% increase in Housing, Water, Electricity, Gas, and Other Fuels, a 0.18% increase in Alcoholic Beverages and Tobacco, and a 0.08% increase in Education.

Compared to the previous month, there was an increase in average prices for 430 product categories contained in the index, while a decrease was observed in the average prices for 128 product categories. The three goods or services that showed the highest price increase were zucchini at 171.22%, artichoke at 154.38%, and eggplant at 107.87%. Meanwhile, the three goods or services that exhibited the highest price decrease were parsley at 36.42%, cauliflower at 35.94%, and broccoli at 35.81%.