Inflation falls to lowest level this year

THE RATE of inflation in Cyprus dropped to 3.43 per cent in November 2008, reaching its lowest level for the current year, from 5.2 per cent in October due mainly to the fall in fuel prices.

According to the figures released yesterday by the Cyprus Statistical Service (CyStat), the Consumer Price Index (CPI) for November 2008 decreased by 1.12 units or 1.0 per cent to 111.43 units, compared to 112.55 in October.

“This was mainly due to decreases in the prices of petrol products, electricity, gas and certain fresh vegetables. Increases have been recorded in the prices of certain clothing and footwear items, potatoes and newspapers,” CyStat said.

The 3.43 per cent figure is the lowest recorded all year, with the tracker stuck above 4.0 per cent since January and hitting a five-year high of 5.63 per cent in July.

For the January to November period, the consumer price index recorded a 4.9 per cent increase compared to the same period a year ago.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.