Cyprus inflation records a 2.57% increase in July

The rate of inflation in July 2010 rose to 2.6% compared to 1.9% in June 2010 and a negative rate of inflation of -0.8% in July 2009.

According to the data released today by Cyprus Statistical Service (CyStat), inflation in the period January-July 2010, inflation recorded an increase of 2.3% compared to the corresponding period of 2009.

“Housing, water, electricity and gas” was the category of Goods and Services of the Consumer Price Index (CPI), which recorded the biggest percentage increase in July 2010, compared with July 2009. The increase reached 9.23% and it was followed by the 5.07% increase in the Education category, while transport recorded the third biggest increase with 4.47%.

The rate of increase of the Consumer Price Index (CPI) and therefore the rate of inflation in July 2010 rose to 2.57% compared to 1.9% in June 2010 and a negative rate of inflation of -0.8% in July 2009.

CPI for July 2010 decreased by 1.12 units or 0.99% to 111,77 units compared to 112,89 in June 2010.

The drop is mainly attributed to decreases in the prices of clothing, footwear, furniture and textiles due to summer sale discounts, as well as to decreases in the prices of certain fresh fruit and the urban and rural bus fares.

Increases have been recorded in the prices of petroleum products and certain fresh vegetables.

For the period January-July 2010, the CPI recorded an increase of 2.3% compared to the corresponding period of 2009.