Cyprus Mail

August inflation seen at -0.4%, Cystat says

The reduction in fuel consumption tax was part of the state's spending spree

Cyprus’s consumer price index fell in August 0.4 per cent, compared with the respective month of 2015, following an annual deflation rate of 0.2 per cent in July, the statistical service said.

From January to August, consumer prices dropped an annual 1.7 per cent, Cystat said in a statement on its website on Thursday. In the twelve-month period from September 2015 to August this year, consumer prices dropped 1.8 per cent.

The drop in consumer prices in August was mainly on lower energy prices, such as electricity and fuel, which dropped 12 and 11 per cent respectively compared with the respective month of 2015, Cystat said. The drop was partly compensated by a 17 per cent increase in the prices of agricultural prices. Prices for manufactured goods and services fell 0.4 per cent and 0.6 per cent respectively.

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