Cyprus harmonised inflation hits 4.7% in February

Producer fruit and veg prices soar

 

The consumer price index for February 2008 increased by 0.50% over the previous month to 107.11, compared with 106.58 in January 2008.

At the same time, the EU-harmonised consumer price inflation rate (HICP) rose by 4.7% year on year.

Compared with the same period of the previous year, consumer prices measured on a national basis rose by 4.9%, their highest rise since May 2003.

The Statistical Service said that the monthly increase was a result of increases in the prices of certain fresh fruit and vegetables, bread and electricity.

In February prices of food and non-alcoholic beverages rose by 2.1% over the previous month and by 6.7% compared with the previous year, while prices of housing, water, electricity and gas rose by 0.5% over the previous month and by 6.1% over the previous year.

 

Soaring producer prices for fruit and veg

 

Data produced in the past few days suggests that much of the food inflation is coming from locally produced goods.

In December 2007 the producer price index for fruits increased by 7.5% over the previous month; the PPI for fresh vegetables rose by 6% month on month while the PPI for tomatoes rose by an astonishing 75% compared with November.

Prices of cucumbers were almost steady, falling by 0.7% over the previous month.

By contrast, the price of meat and animal products either fell or was stable in late 2007.

The producer price index of cowsmilk in December was stable at 144, the same as November; chicken meat was stable at 146; while pork meat fell by 6.9%.