North Cyprus – Inflation in

2013 was 10.22 %

Inflation_2The “State Planning Organisation” in Northern Cyprus announced that the consumer price index, which is the indicator of inflation, increased 10.22 % in 2013.

The gazeddakibris.com web site stated that this figure caused suspicion among many, due to the recent price hikes by the government and the depreciation of the Turkish Lira against foreign currencies.

The increase in the consumer price index in 2012 was 3.60 %.

In contrast, the consumer price index fell in Southern Cyprus, according to an official statement.

According to the “Cyprus Statistical Service” the rate of inflation for the year 2013 recorded a decrease of -0,4% compared to the previous year. It is worth noting that 2013 is the first year since 1964 that a negative annual rate of inflation is recorded in Southern Cyprus.

Source: lemonCY.eu and balkans.com