Cyprus consumer price inflation drops below 3%

Consumer price inflation eased for the second consecutive month in September, as prices rose by 2.38% compared with September 2005, having risen by 3.1% in August.

Inflation therefore fell back below 3% for eth first time since April.

Compared with the previous month, the consumer price index for September 2006 rose by 1.17 or 1.15% to 103.24.

The Statistical Service reported that the monthly rise was mainly caused by increases in the prices of clothing and footwear following the end of summer sales; increases in the prices of certain fresh fruit and vegetables; and tuition fees of private educational institutions and part-time educational coaching centres. Decreases were recorded in the prices of petroleum products.

In recent weeks international oil prices have eased to below USD 70/barrel.

For the period January-September 2006 the CPI recorded an increase of 2.9% compared to the corresponding period of 2005.