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Cypriot economy records inflation for the first time in 42 months

Xinhua, February 3, 2017 Adjust font size:

Cypriot economy recorded inflation for the first time in 42 months following its bailout almost four years ago, the Cypriot Statistical Service (Cystat) reported on Thursday.

Cystat said in an announcement that the consumer price index increased by 0.5 percent in January 2017 relative to the same month last year.

Cyprus was pulled back from a near melt-down of its economy in March, 2013 in a 10 billion euros (10.78 billion U.S. dollars) assistance package offered by the Eurogroup and the International Monetary Fund that also involved the resolution of its banking system.

A deep economic recession which lasted for 12 consecutive quarters up to the beginning of 2016 was accompanied by a deflation which Cystat said averaged from minus 2.3 percent up to January 2015 and minus 1.3 percent in the next 12 months.

Housing, water, electricity, gas and fuel caused the consumer price index to go up, Cystat said, reflecting the return of the Cypriot economy to growth.

Official data project GDP growth to be around 3 percent this year. Endit