Cyprus annual inflation drops below 1% in April

The annual consumer price inflation rate fell below 1% in April, less than a year after it had consistently recorded rates in excess of 5%.
Consumer prices in April rose by 0.7% over the same month of 2008, as the fall in the international price of oil put downward pressure on transport and electricity (most of which is generated by burning oil).
Transport prices fell in April by 7.0% compared with the same month of 2008, while prices of housing, water, electricity and gas fell by 3%.
On the other hand, restaurants and hotels, apparently oblivious to the downturn in consumer demand and the collapse in tourism, continue to jack up prices.
Hotel and restaurant prices were 7.2% higher in April 2009 than in April 2008 and 1.5% higher than the previous month.
According to one customer writing to the Cyprus Mail, some economically challenged restaurant owners are responding to the fall in the number of customers by putting up their prices.