August Inflation Rate Announced in Northern Cyprus
The Statistical Institute of the TRNC has released the inflation figures for August. Inflation for the month was recorded at 3.28%. Compared to December of last year, prices have surged by 42.17%, and over the past year, the overall increase stands at 64.75%.
According to the report, the highest price hikes in August were seen in the "Restaurants and Hotels" category, with an increase of 5.25%. Following closely were "Recreation and Culture" and "Education," each rising by 4.39%.
The "Food and Non-Alcoholic Beverages" category saw a price increase of 4.02%, while utility services went up by 2.77%. However, there were price drops in a few categories, most notably "Clothing and Footwear," which fell by 2.77%.
In total, the prices of 440 products were analyzed in August. Out of these, 359 items saw price increases, while 81 items experienced a decrease.
The most significant price spikes in August were observed in eggplants (137.31%), zucchini (131.22%), and tomatoes (82.20%). On the other hand, green beans (-31.45%), watermelons (-27.81%), and lettuce (-26.75%) saw price decreases.
For context, the inflation rate in Northern Cyprus was 3.51% in July.
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