Cyprus inflation falls sharply in November

Inflation in Cyprus fell rapidly in November mainly as a result of falling international oil and food prices.
The consumer price index in November 2008 decreased by 1.0% compared with the previous month to 111.43, units compared with 112.55 in October 2008.
The Statistical Service reported that this is mainly owing to decreases in the prices of petroleum products, electricity, gas and certain fresh vegetables.
Increases were recorded in the prices of certain clothing and footwear items, potatoes and newspapers.
The annual consumer price inflation rate (November 2008 compared with November 2007) fell to 3.4% in November 2008, from 5.2% in October 2008 and a peak of 5.6% in July. The rate was even lower than in November 2007, when the annual inflation rate was 3.5%.
For the period January-November 2008, the CPI recorded an increase of 4.9% compared to the corresponding period of 2007.