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Cyprus records deflation in 2013 for first time since 1964

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

In December 2013 deflation of – 2.3 per cent was recorded, compared to -2.1 per cent in November 2013 and 1.1 per cent in December 2012.

The Consumer Price Index (CPI) for December 2013 fell by 0.34 units or 0.29 per cent to 117.49 units compared to 117.83 in November 2013.

This, the Statistical Service says, was 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 per cent compared to the previous year.
It is further noted that 2013 is the first year since 1964 with a negative annual rate of inflation.

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