Inflation rate drops in December

22nd January 2020

The annual inflation rate in December stood at 1.18 per cent, down from 1.36 the previous month, according to official figures.

The National Statistics Office said the highest inflation rates last month were in the recreation and culture and in the food groups, which increased by 2.79 per cent and 2.08 per cent respectively. However, in terms of the contribution to the annual inflation rate, at 0.45 per cent, the food group ranked above the recreation and culture group at 0.28 per cent.

In contrast, clothing footwear prices were down 1.73 per cent and house maintenance costs dropped by 1.03 per cent.

Higher prices of milk, fuel and the hiring of premises pushed up the food, recreation and culture and the transport and communication indexes.

The lower prices of clothes and furniture contributed to a downward impact on the clothing and footwear and the house equipment and house maintenance costs indexes.

In the representative basket of consumer goods and services used to measure the retail price index, transport and communication have a bigger weight (22.10 per cent) than food (21.49 per cent). The two groups have by far the highest weighting, the next closest being recreation and culture (9.90 per cent).

The 12-month moving average inflation rate for December stood at 1.64 per cent, up from 1.16 per cent a year earlier.

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