Cyprus inflation tips over 3%

The Consumer Price Index for October 2005 increased by 1.37 units or 1.12% compared with the previous month to 124.13 units compared with 122.76 in September 2005.

According to the Statistical Service CYSTAT, this is mainly owing to increases in the prices of certain clothing and footwear items, certain fresh vegetables, potatoes and gas. Decreases have been recorded in the prices of certain fresh fruit.

Compared with October 2004, price rose by 3.07%. This is mainly owing to significant increases in the prices of basic foodstuffs such as bread (5.7%), meat (9.7%), fish (11.4%), potatoes (20.7%) as well as to petrol prices (15.5%), diesel (16.1%), gas (14.4%) and electricity (19.0%). Price reductions in medicine (-19.4%) and telephone rates (-12.8%) had a favourable impact on the rate of inflation.

For the period January-October 2005 the CPI recorded an increase of 2.59% compared to the corresponding period of 2004 which is to a large extent caused by price rises observed in petroleum products.