Cyprus August inflation reaches highest this year

Consumer price inflation in Cyprus inched up in August to record 2.47% over the same month of the previous year in August, compared with 2.43% in July.
This was the highest rate of inflation so far this year and the highest rate recored since August 2006.
Moreover, the fact that inflation was also high in August 2006 (3.1%) means that the peak this year cannot be blamed on a high baseline in the previous year.
Annual inflation should be expected to rise again in November, when the impact of the steep cut in car prices in November 2006 will fall out of the index.
Fiona Mullen