According to Eurostat data released recently, factory prices in Cyprus recorded an increase of 1.7% in July compared to the corresponding month of 2004. The increase in factory cost however, has slowed down compared to June 2005 (+2.8%), May (+4.5%) and April (+6.9%). For January-July, factory prices showed an increase of 5.2%, despite the sharp increase in the price of fuel.
The average increase in factory cost in the Eurozone and the EU stood at 4% and 5% in July respectively.
According to OEB Deputy General Manager, Costas Chridtofides, the low rate of increase (of the factory cost) in Cyprus is possibly attributable to the fact that businessmen are forced to reduce prices due to competitiveness.
“Businessmen are forced to reduce prices in an effort to keep their customers”, Mr. Christofides said.
CCCI Industrial Manager Marios Tsiakkis believes that the consecutive price hikes in fuel will boost the factory cost growth rate in the next two months.
The average increase in factory cost in the Eurozone and the EU stood at 4% and 5% in July respectively.
According to OEB Deputy General Manager, Costas Chridtofides, the low rate of increase (of the factory cost) in Cyprus is possibly attributable to the fact that businessmen are forced to reduce prices due to competitiveness.
“Businessmen are forced to reduce prices in an effort to keep their customers”, Mr. Christofides said.
CCCI Industrial Manager Marios Tsiakkis believes that the consecutive price hikes in fuel will boost the factory cost growth rate in the next two months.
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