Cyprus inflation steady in March

The annual inflation rate was steady in March, with consumer prices rising by 2.8% compared with the same month of 2010.
This was the same rate as recorded for February.
For the period January-March 2011, the CPI rose by 2.8% compared with the corresponding period of 2010.
Compared with the previous month, the index rose by 0.98% to 115.12, from 114.00 in February 2011.
The Statistical Service Cystat said that this was mainly owing to increases in the prices of certain clothing items, petroleum products and fresh fruit, as well as an increase in water rates and electricity while there was a drop in the prices of certain fresh vegetables.
Since most electricity is produced in Cyprus by burning oil, electricity prices are influenced by global oil prices.
Reuters reported that Brent crude futures reached their highest level in 32 months on Friday, rising above USD 126 per barrel.
Imported petroleum prices rose in Cyprus by 27% year on year in the first two months of 2011.