Cyprus inflation rises 5 pps to 2.4% in July

The consumer price inflation rate in Cyprus rose by five percentage points in July to 2.4% year on year, compared with 1.9 % in June, according to the latest figures from the Statistical Service.

The main upward pressure on inflation in July came from overall food prices, which rose by 6.3% year on year, compared with 4.0% in June.

Similarly, perhaps because of the increase in food prices, prices at hotels and restaurants rose by 4.4% year on year in July, compared with 3.2% in June.

This is all despite the fact that for seasonal reasons, the consumer price index in July was 0.74% lower than June, as the summer sales led to decreases in the prices of clothing, footwear and furnishings. Clothing and footwear prices fell by nearly 14% compared with the previous month.

Increases compared with June were recorded in the prices of certain fresh vegetables and fruit, electricity, package tours and takeaway meals and drinks.

For the period January-July 2007 the CPI recorded an increase of 1.8% compared with the corresponding period of 2006.