Cyprus inflation up at 2.64%

The rate of inflation in February as measured by changes in the Consumer Price Index gained to 2.64% compared to a year ago, the Statistics Department announced.

The Consumer Price Index for February 2006, increased by 0,12 units or 0,12% to 100,62 units compared to 100,50 in January 2006. This was mainly due to increases in the prices of petroleum products, fresh lamb and car insurance premiums. Decreases have been recorded in the prices of electricity, poultry and certain fresh vegetables.

The rate of increase of the Index and therefore the rate of inflation for February 2006 compared to February 2005 was 2,64% while the rate for January 2006 stood at 2,25%.

For the period January-February 2006 the CPI recorded an increase of 2,44% compared to the corresponding period of 2005.

Earlier the Statistics Department reported that the Harmonised CPI (HICP) during January 2006 recorded an increase of 2,0% compared to the corresponding index of January 2005, while a year earlier, January 2005, the rate of increase was 2,8% compared to the index of January 2004.

As from January 2006, the HICP is calculated with the new base year 2005=100 instead of 1996=100 which was the base year for the period 1996-2005. The change of the base year is due to the Commission Regulation No.1708/2005, which sets the year 2005 as the new common reference period for all HICPs of the Member States of the E.U.