In January, the Harmonised Index of Consumer Prices (HCIP) went down by 1.3 per cent over the previous month. This primarily reflected a decrease of 20.2 per cent in the Clothing and Footwear Index, mainly due to seasonal price decreases in garments. The Communication Index went down by 7.0 per cent on account of reductions in various communication services. Price reductions in furniture and furnishings caused the Furniture, Household Equipment and Routine Maintenance of the House to go down by 2.5 per cent. A downward movement in the price of accommodation services caused the Restaurants and Hotels Index to go down by 1.4 per cent.

The Housing, Water, Electricity, Gas and Other Fuels Index went up by 2.4 per cent, mainly on account of a rise in the fees for services related to the maintenance and repair of dwellings. Higher prices of vegetables caused the Food and Non-alcoholic Beverages Index to increase by 1.6 per cent. The Transport Index went up by 1.2 per cent due to costlier fuels. An upward movement in the prices of recording media and newspapers underlay an increase of 0.6 per cent in the Recreation and Culture Index. A similar increase was recorded in the Miscellaneous Goods and Services Index mainly on account of an higher fees charged for certain financial services. The Alcoholic Beverages and Tobacco Index went up by 0.4 per cent due to higher- priced wines. Higher fees for dental services were the main factor behind a 0.1 per cent increase in the Health Index.

In January, the twelve-month moving average rate of inflation stood at 2.2 per cent, whereas the annual rate of inflation stood at 3.3 per cent.

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