Inflation decreases by -2.9% in January

Cyprus economy sees a strengthening of deflationary trends in January, as the rate of inflation decreases by -2.9% compared to -2.3% in December 2013 and 1.8% in January 2013, figures released by the Statistical Service show.

The Consumer Price Index for January 2014 decreased by 1,74 units or 1.48% to 115,75 units compared to 117,49 in December 2013. According to the Statistical Service this is mainly due to decreases in the prices of clothing and footwear items, due to sale discounts, as well as to decreases in the prices of certain fresh vegetables and electricity.

Increases have been recorded in the prices of circulation licenses, of motor cars, as well as to increases in the prices of petrol and diesel for motor cars due to increases in the excise taxes. Small increases were also observed in several products and services due to the change in the value added tax from 18% to 19%.

Source: Famagusta Gazette

Cyprus Profile

articles | 07 February 2014