Petroleum prices drop in Jan-Feb

Transport, health and education rise fast

 

The price of imported petroleum products fell in Cyprus during the first two months of 2007, dropping by 2.9% compared with the corresponding period of 2006.

Meanwhile, the price of locally produced goods rose by 4.2%, primarily as a result of higher agricultural prices.

Imported agricultural prices were also higher, rising by 6.1% compared with Jan-Feb 2006. Overall, however, import prices were down, by 3.0%, owing to a fall in non-petroleum industrial import prices.

 

Health and education rise fast

 

On the services side, the fastest rise was seen in transport prices, no doubt the result of ever rising taxes on air travel. Transport prices rose by 7% compared with Jan-Feb 2006.

Health and education prices also continue to rise faster than overall inflation.

Education prices rose by 4.9% in Jan-Feb 2007, while medical care services rose by 5.1%. Overall inflation in the same period was just 1.6%.