The government of Cyprus announced last Thursday that the inflation rate had climbed to 4.3% in January 2008 from 1.6% a year previous.
The announcement was made as Consumer Price Index figures for last month were unveiled.
According to the government's Statistical Service:
"The Consumer Price Index for January 2008 decreased by 1.49 units or 1.38% to 106.58 units compared to 108.07 in December 2007. This is mainly due to decreases in the prices of clothing, footwear and household furnishing items due to sale discounts as well as to decreases in the prices of heating oil, diesel for motor cars and potatoes."
It went on to add that:
"Increases have been recorded in the prices of certain fresh vegetables and fruit, medical care, the salaries of domestic cleaners and helpers, meals and drinks consumed out of the house and playing machines with the use of coins at amusement centres."
The department further revealed that in addition to increasing year-on-year, the Republic's inflation rate for January 2008 was also up on the previous month's level of 3.9%.
Issues arising from the introduction of the Euro in Cyprus on January 1st have reportedly only had a very minor impact on the rate of inflation.
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