Cyprus inflation rate drops to 2.7% in August

The rate of inflation in Cyprus stood in August 2011 at 2.7%, as measured by the Harmonized Index of Consumer Prices (HICP).

According to data released today by the Statistical Service, the rate of inflation for August 2011 dropped to 2.7% compared to 3.5% in July 2011 and 3.4% in August 2010.

In particular, HICP stood in August 2011 at 115.51 units, compared to 115.32 in July 2011 and 112.42 in August 2010.

Concerning the categories of goods and services, the index rose in August 2011 by 2.3% in food and non-alcoholic beverages, compared to August 2010.

During the same period, alcoholic beverages and tobacco rose by 9.4%, housing, water, electricity and gas by 7.2%, furnishings, household equipment and supplies by 2.2%.

Moreover, there was a 3.4% increase in health, 5.2% in transport, 2.4% in communication, 3.3% in education and 1.5% in restaurants and hotels.

Recreation and culture, as well as miscellaneous goods and services rose by 0.9%.

The only category in which there was a decrease is clothing and footwear, which receded by 0.5%.