Cyprus inflation inches down again in September

The annual consumer price inflation rate fell for the second consecutive month in September as oil prices levelled off, but remained high by historical standards.
The consumer price index rose by 5.3% to 110.24 in September 2008, having reached 5.4% in August and a peak of 5.6% in July.
Compared with the previous month, the index rose by 1.24%. The Statistical Service reported that there was a decrease in the price of petroleum products.
Cyprus depends heavily on petroleum both for electricity production and for transport, since public transport is negligible.
Compared with August there were increases in the prices of certain fresh fruit and vegetables, electricity, certain clothing items and tuition fees of private educational institutions and part-time education coaching centres.
For the period January-September 2008, the CPI has risen by 5.0% compared to the corresponding period of 2007.
Inflation has been higher than average among almost all sectors, the only exception being communications (up only 0.2% in January-September) and household goods such as furnishings and electrical equipment (up 2.0% in the same period).
Restaurant prices have risen the highest, by 7.8% in the first nine months of the year.