Following the trend observed in recent years, in January 2008, the Retail Price Index went down by 0.97 per cent over the previous month. This primarily reflected a decrease of 18.07 per cent in the Clothing and Footwear Index, mainly due to seasonal price reductions. A drop in the prices of household textiles caused the Household Equipment and House Maintenance Cost Index to go down by 0.32 per cent. The Recreation and Culture Index decreased by 0.20 per cent, mainly on account of price reductions in sport accessories.

The Other Goods and Services Index increased by 1.02 per cent as a consequence of higher membership fees of organisations. Higher prices of fresh fruit, vegetables and cheese were the main factor behind a 0.59 per cent increase in the Food Index. The Housing Index went up by 0.57 per cent, mainly on account of price increases in construction works. The Transport and Communication Index went up by 0.43 per cent, mainly on account of higher prices of motor cars. Price increases in articles related to hygiene, toilet preparation and cosmetics underlay a rise of 0.28 per cent in the Personal Care and Health Index. A marginal increase was registered in the Beverages and Tobacco Index.

In January, the twelve-month moving average rate of inflation stood at 1.43 per cent, whereas the annual rate stood at 3.54 per cent.