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Cyprus inflation hits 40-year record in June
Cyprus inflation hits 40-year record in June

Nicosia, July 8 (TIWN) The annual inflation rate in Cyprus stood at 9.6 per cent in June, the highest level in over 40 years, the Statistical Service (Cystat) of the Ministry of Finance said.

This loss was the direct result of the continuing conflict in Ukraine, which has sent the prices of energy and some foodstuffs spiralling sky-high, the analysts said. According to Cystat, inflation is mostly fueled by a steady increase in the cost of petrol at the pump, which rose by 46.1 per cent on an annual basis; of electricity, which went up by 40.4 per cent; and of agricultural products, which increased by 7.3 per cent. The annual inflation rate for the January-June period was 7.6 per cent, Cystat said.

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