Inflation down in August

The inflationary rate went down to 0.5% in August, after the 1.3% peak reached in July. Despite the record harvest, inflation remained 0.2% above the August 2003 level. Under the circumstances, the annual inflationary rate kept going up, reverting to 12.4%, after the 12% all time low in June. Eight months into this year, the rate of inflation reached 5.6% compared to 7.3% during the same period last year. The average monthly inflationary rate fell to 0.7% from the 0.9% in 2003. The authorities’ calculations for the summer months were seriously upset by the trend followed by produce and foods prices. These prices jumped in July and remained flat in August. Although the price increase registered across this sector, statistically, was of only 0.2%, the people paid 3.4% more for pork, 1.8% more for beef, and 1.3% more for meat products. Sugar was 2.5% more expensive compared with July. ZF