NICOSIA – Inflation returned to a downward trend in February 2013, falling to 1.6% on an annual basis, compared to 1.8% in January and 1.10% in December 2012, data published by the Cyprus Statistical Service, on Thursday, show.

In February 2012 inflation stood at 3.1% compared to February 2011.

For the period between January and February 2013 the Consumer Price Index and therefore inflation was up by 1.7% compared to the first two months of 2012.

On a monthly basis the index in February 2013 increased by 0.26 units or 0.22% and reached 119.45 units compared to 119.19 in January 2013.

According to the data released this is mainly due to an increase of prices in petroleum products, car insurance and airfares.

On the other hand reductions were recorded in the prices of certain fresh vegetables, potatoes and certain prescription drugs.

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