articles | 07 January 2014

Cyprus records deflation for first time since 1964

Cyprus recorded a rate of deflation in 2013 of -0.4% for the first year since 1964, according to recent data published by the Cyprus Statistical Service.

In December 2013 deflation of -2.3% was recorded for the second consecutive month, compared to a rate of deflation of -2.1% in November 2013 and inflation of 1.1% in December 2012. The Consumer Price Index (CPI) for December 2013 fell by 0.34 units or 0.29% to 117.49 units compared to 117.83 in November 2013. This, the Statistical Service says, is mainly due to decreases in the prices of electricity, air fares, potatoes and certain clothing items. On the other hand prices of certain fresh vegetables have gone up.

The rate of inflation for the year 2013 fell by -0.4% compared to the previous year. It is further noted that 2013 is the first year since 1964 with a negative annual rate of inflation.

Source: Financial Mirror

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