Cyprus 2008 inflation at 4.7%, from 2.4% in 2007

The consumer price inflation rate in Cyprus recorded its highest rate for well over years in 2008, rising to 4.7%, compared with 2.4% in 2007.
However, falling international oil and food prices meant that the December rate was considerably lower than earlier in the year and actually declined compared with the previous month.
The consumer price index in December 2008 fell by 0.98% to 110.34. The Statistical Service said that this was mainly owing to decreases in the prices of petroleum products, electricity, gas, certain fresh vegetables, potatoes and fresh milk.
Increases were recorded in the prices of lamb and goat meat and certain fresh fruit.
The annual December rate therefore dropped to 2.1%, from 3.4% in November 2008 and 3.9% in December 2007.