NICOSIA -- Cyprus` inflation for 2012 dropped to 2.4% year compared to 3.3% in 2011, figures released today by Cyprus Statistical Service show.

In December 2012 inflation decelerated to 1.1% year on year, the lowest level since October 2009 when it dropped to -0.8%.

According to CyStat, the decline is mainly due to the reduction in electricity prices, fuel prices and potatoes. Prices rose in fresh vegetables and liquid gas.

In November 2012, the rate of inflation declined to 1.2% year on year whereas inflation in December 2011 was 3.9%. For December 2012 Consumer Price Index declined by 10 units or 0.08% reaching 120.26 units compared with 120.36 the previous month.