Cyprus harmonised inflation at 4.4% in 2008

The EU-harmonised inflation rate (H ICP) in Cyprus fell for the second consecutive month in December, by 1.01% compared with a fall of 1.2% in November.
The largest fall was recorded in housing, electricity, water and gas, which fell by 4.89% compared with the previous month, as a result of falling international oil prices.
Transport prices also recorded a sharp fall compared with the previous month of 3.63%.
The annual HICP rate in December 2008 was 1.8% compared with 3.7% in December 2007 and 3.1% in November 2008.
According to the Statistical Service, for the period January- December 2008, the HICP increased by 4.4% compared with 2.2% in 2007, although the index produces an inflation rate of 4.3%.
The consumer price inflation rate in the same period was 4.7%.