In December, the annual rate of inflation as measured by the Harmonised Index of Consumer Prices was 3.7%, down from 3.9% in November 2023, the National Statistics Office said today.

The NSO noted that the highest annual inflation rates in December were recorded in food and non-alcoholic beverages (9.5%) and education (5.6%).

On the other hand, the lowest annual inflation rates were registered in Communication (-9.4%) and Transport (0.1%).

The largest upward impact on annual inflation was measured in the food and non-alcoholic beverages Index (+1.69 percentage points), while the largest downward impact was recorded in the Communication Index (-0.38 percentage points).

The second and third largest impacts were measured in the Restaurants and hotels index (+0.64 percentage points) and the housing, water, electricity, gas and other fuels index (+0.53 percentage points), mainly on account of higher prices of restaurant services and rents, respectively.

A downward impact on annual inflation was registered in the Communication Index (-0.38 percentage points), mainly reflecting lower prices of mobile phone services.

The 12-month moving average rate for December stood at 5.6%.

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