In February 2008, the Harmonised Index of Consumer Prices increased by 0.4 per cent over the previous month. This primarily reflected an increase of 4.8 per cent in the Clothing and Footwear Index, due to price increases in garments. The Health Index registered an increase of 1.6 per cent, brought about by price increases in medical and paramedical services. The Recreation and Culture Index increased by 0.5 per cent, mainly due to price increases in package tours.

The Food and Non-Alcoholic Beverages Index went up by 0.2 per cent, mainly on account of price increases in vegetables, bread and cereals. A rise in prices recorded for personal accessories was the main facto r underlying a rise of 0.1 per cent in the Miscellaneous Goods and Services Index. Likewise, price rises in wine and beer brought about an increase of 0.1 per cent in the Alcoholic Beverages and Tobacco Index. A 0.3 per cent decrease registered in the Transport Index was due to lower prices of air fares.

In February, the twelve-month moving average rate of inflation stood at 1.2 per cent, whereas the annual rate stood at 4.0 per cent.