Cyprus inflation ticks up to 2.2% in July

Consumer price inflation ticked up again in July to 2.2%, having eased to 1.8% in June.
Annual inflation in many categories actually subsided in June.
In particular there was a slight drop in the punishingly high prices of electricity, water, housing and gas, which rose by 12.8% compared with the same month of the previous year in July, from 14.2% in June.
The main reason for the overall increase, therefore, seems to have been a smaller decrease in the heavily weighted category of food and non-alcoholic beverages.
Prices of food and non-alcoholic beverages fell compared with the previous year by 1.5% in July, after a drop of 4.2% in June.
For the period January-July 2012, CPI rose by 2.8% compared with the corresponding period of 2011.
Compared with the previous month the CPI in June dropped by 1.08%.
The Statistical Service said that this was mainly owing to a fall in prices of clothing and footwear in the summer sales, as well as prices of petroleum products and certain fresh fruit.
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