In December 2007, the Harmonised Index of Consumer Prices went up by 0.1 per cent over the previous month, from to 103.69 from 103.62, mainly on the account of a 0.7 per cent rise in the Transport Index attributable to price increases in passenger transport by air.

The Clothing and Footwear Index went up by 0.4 per cent. This was mainly brought about by higher prices of garments. An increase of 0.3 per cent was registered in the Restaurants and Hotels Index, mainly due to price increases in accommodation services. The Furniture, Household Equipment and Routine Maintenance of the House Index increased by 0.2 per cent, mainly on account of price increases in major household appliances, tools and miscellaneous accessories as well as non-durable household goods.

An increase of 0.1 per cent in the Housing, Water, Electricity, Gas and Other Fuels Index was registered on account of an increase in the price of materials for the maintenance and repair of dwellings.

During the month under review, lower prices of vegetables caused the Food and Non- alcoholic Beverages Index to decrease by 0.7 per cent. The Recreation and Culture Index went down by 0.2 per cent due to lower prices of package holidays.

In December, the twelve-month moving average rate of inflation stood at 0.7 per cent, whereas the annual rate stood at 3.1 per cent.