Cyprus sees deflation for 4th month amid economic contraction

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Cyprus remained in deflation for four consecutive months in 2013 amid the adverse financial environment.

According the Cyprus Statistical Service, the Cyprus Consumer Price Index (CPI) for October increased by 0.11 units or 0.09% to 118.68 units compared to 118.57 in September. This is mainly due to increases in the prices of clothing and footwear and some fresh vegetables. Decreases have been recorded in the prices of petroleum products, rent of dwellings and higher education tuition.

The rate of inflation for October decreased by -1.6% compared to -1.0% in September and 1.7% in October 2012, marking deflation for the sixth time in 2013.

For the period January-October, the CPI did not register any change compared to the corresponding period of 2012, recording zero inflation.

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