Cyprus CPI tips back over 3% in March

The Cyprus consumer price inflation rate tipped back over 3% in March, as prices rose by 3.23% compared with March 2005.

On a month-on-month basis prices rose by 1.18% compared with February 2006.

The last time CPI breached 3% was in October, although it should be noted that the 2006 figures are done on the basis of a new index (2005=100) and also a revised basket of goods, therefore they are not strictly comparable with previously reported figures.

The year-on-year inflation rate in February was only 2.64%. For the period January-March 2006 the CPI recorded an increase of 2.72% compared to the corresponding period of 2005.

The Statistical Service CYSTAT reported that this was mainly owing to increases in the prices of clothing and footwear following the end of the winter sales as well as to increases in the prices of certain fresh fruit, lamb and goat meat, and potato prices.

The breakdown of sectors shows that prices of clothing and footwear leapt by 9% n March, compared with the previous month.