Inflation rate declined 2,9% in August, compared to 3,7% in July 2011. According to Cyprus Statistical Service data published Thursday, the rate of increase of the Consumer Price Index, and therefore the rate of inflation for August 2011 dropped to 2,9% compared to 3,7% in July 2011 and 3,2% in August 2010.

The Consumer Price Index for August 2011 increased by 0,06 units or 0,05% to 115,95 units compared to 115,89 in July 2011. This is mainly due to increases in the prices of certain fresh vegetables, electricity, petroleum products and package holidays. Decreases have been recorded in the prices of certain fresh fruit and certain clothing items.

For the period January-August 2011, the CPI recorded an increase of 3,3% compared to the corresponding period of 2010