Cyprus inflation holds at 2.8% in February

Cyprus inflation held steady in February, with prices rising by 2.8% compared with the same month of the previous year.
Using the raw Excel data provided by the Statistical Service for 2010 and 2011, this means that the consumer price inflation rate in February was the same rate as recorded in January.
However, the Statistical Service press release quotes a January rate of 2.9%, instead of the 2.8% yielded using the raw data.
The main driving force behind inflation has been rising international oil prices. Price of transport in Cyprus rose by 5.9% over February 2010.
Compared with the previous month, prices rose by 0.43%, compared with an increase of 0.49% in February 2010 and only 0.06% in February 2009.
The Statistical Service said this was mainly owing to increases in the prices of certain fresh vegetables, air fares and petroleum products.
Decreases were recorded in the prices of electricity and gas.
For the period January-February 2011, the CPI recorded also an increase of 2.8% compared with the corresponding period of 2010. FM