Inflation Rose to Over 83 Percent in 2023

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The cost of living in North Cyprus, whose economic fortunes are linked to Turkey via the lira, spiralled out of control last year, Yeniduzen reports.

According to the Statistical Institute annual inflation in North Cyprus rose to 83.62 percent as of December 2023. Meanwhile, the economic forecast for 2024 is equally grim.

Last year, the worst affected sector was healthcare and medicines at 96.09%

Housing, water, electricity, gas and other fuels: 89.45%

Furniture, household appliances and maintenance services: 84.36%

Transportation: 83.25%

Miscellaneous goods and services: 80.70%

Entertainment and culture: 72.38%

Clothing and shoes: 70.66%

Alcoholic beverages and tobacco: 69.25%

Staple foods: 64.35%


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