Cyprus Inflation Rate increases in January 2011

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The rate of inflation for January 2011 recorded an increase and rose to 2,8% compared to 1,6% for December 2010 and 2,4% for January 2010.

According to an announcement issued on Thursday by the Statistical Service, the Consumer Price Index for January 2011, decreased by 0,94 units, or 0,82% to 113,51 units compared to 114,45 in December 2010.

The decrease was due to sale discounts across most of the retail sector.

Statistical Service announced that increases have been recorded in the prices of food products, alcohol and cigarettes as well as utility bills.

Cyprus has imposed a 5% Value Added Tax on all food and beverages, excluding alcoholic drinks, beer, wine and soft drinks, as well as on the delivery of medicine and vaccines.

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