31.08.201006:24:00UTC+00Cyprus Producer Price Inflation Eases In July

Producer price inflation in Cyprus eased to 5.4% in July from 5.9% in June, the Statistical Service of the Republic of Cyprus said Tuesday.

Nevertheless, producer prices rose for the seventh straight month. In manufacturing, the producer price index rose 0.9% annually in July, slower than a 1.2% growth in June. The price index for mining and quarrying rose 1.4% compared to 1% rise in the previous month.

On a monthly basis, producer prices declined 1.6% during the month. Factory prices in manufacturing fell 0.1% month-on-month. For the first seven months of the year, the index climbed 3.4% compared to the same period last year.

Separately, the statistical office reported that the industrial output continued to drop for the third month in June. Production declined 1.2% in June compared to 0.4% fall in the previous month. For the first half, industrial output dropped 1% compared to the same period of the previous year.

Manufacturing output decreased 2.1% annually in June, compared to a 3.1% fall in the previous month. At the same time, mining and quarrying output increased 23.% compared to 14.5% rise in May. Production of electricity supply, meanwhile, dropped 4.6% year-on-year.

Copyright(c) 2010 News.com, Inc. All Rights Reserved