In November 2008, the Harmonised Index of Consumer Prices decreased to 108.66 from 112.00, down by 3.0 per cent over the previous month. This was primarily due to a decrease of 13.8 per cent in the Restaurants and Hotels Index, caused by seasonal reductions in accommodation services.
Price reductions in package holidays caused the Recreation and Culture Index to decrease by 2.0 per cent. A decrease of 1.2 per cent was registered in the Transport Index, mainly due to lower air fares.
A downward shift of 1.1 per cent was recorded in the Food and Non-alcoholic Beverages Index, mainly on account of lower prices of fish and vegetables. Lower charges for some financial services underlay a decrease of 0.1 per cent in the Miscellaneous Goods and Services Index.
The Alcoholic Beverages and Tobacco Index went up by 3.4 per cent as a consequence of higher tobacco prices. Seasonal price increases of garments caused the Clothing and Footwear Index to rise by 2.7 per cent.
In November, the twelve-month moving average rate of inflation stood at 4.5 per cent, whereas the annual rate of inflation stood at 4.9 per cent.