Cyprus inflation trends upwards in January

The consumer price inflation rate rose for the third month in a row in January, reaching 2.4% over the year earlier, compared with 2.1% in December and 1.4% in November and three months of deflation prior to that.

Compared with January 2009, the main increases were recorded in oil-related items, such as transport and housing, water, electricity and gas. International oil prices are higher today than they were a year ago.

Compared with the previous month, however, prices dropped for seasonal reasons by 2%.
This was mainly owing to decreases in the prices of clothing, footwear and household furnishing items in the sales as well as lower prices for potatoes.

The Statistical Service reported that increases were recorded in the prices of electricity, petroleum products, water rates and certain fresh fruit.

February 05, 2010 - www.financialmirror.com