Inflation down

[NewsWhore]

The Central Bank reports that inflation during the last quarter of 2008 fell by 5.63% due to the decrease in international petroleum prices. Due to this decrease in quarterly inflation, the accumulated inflation for 2008 registered at 4.52%, which is the lowest in seven years and almost half of the 2008 inflation rate of 8.8%. The Central Bank notes that single digit inflation represents great progress, despite the fact that September saw a 10.76% inflation rate. However, the report indicates the single digit inflation was a result of a -1.05%, -3.28% and -1.40% decrease in the Consumer Price Index (CPI) during the months of October, November and December.

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