Deflation hits record high in July 2015

Cyprus recorded the highest level of deflation since 1960 in July 2015, with the consumer price index decreasing for the 25th consecutive month.

According to the Cyprus News Agency, the rate of inflation for July 2015 decreased by -3,0% compared to -2,4% in June 2015 and -0,6% in July 2014.

Until now the highest decline in consumer prices was recorded in January 2014, falling by 2.9%.

The Consumer Price Index for July 2015 decreased by 1,64 units or 1,42% to 113,86 units compared to 115,50 in June 2015. This is mainly due to decreases in the prices of clothing and footwear, caused by summer sales discounts, as well as to decreases observed in the prices of certain fresh fruit and vegetables. Increases have been recorded in the prices of electricity and petrol.

Source: Famagusta Gazette