Cyprus harmonised inflation converges below 1%

Both indicators of inflation in Cyprus show that there was a sharp deceleration in the pace of price increases in April.
The EU-harmonised inflation rate for April showed that prices rose by 0.6% compared with April 2008. This is the same rate recorded for the national consumer price inflation rate published last week.
Falling oil prices have cut inflation in this oil-dependent economy.
Compared with March 2009, the HICP inflation rate rose by just 0.9%, mainly owing to a seasonal drop in food and vegetable prices.
On average, HICP inflation in the first four months of 2009 reached 0.7%.