Inflation down

The 12-month moving average inflation rate last month dropped to 2.4 per cent from 2.5 per cent in January, the National Statistics Office said yesterday.

The Harmonised Index of Consumer Prices went up by 0.2 per cent in February over the previous month, the NSO added.

The euro area's annual inflation stood at 1.8 per cent last month, unchanged compared to January, according to Eurostat, the EU statistical office. A year earlier the rate was 2.3 per cent. EU annual inflation stood at 2.1 per cent last month, unchanged compared to January. A year earlier the rate was 2.2 per cent.

Eurostat said yesterday that total hourly labour costs in the euro area (EA12) rose at an annual rate of 2.4 per cent in nominal terms in the fourth quarter of last year, down from 2.5 per cent in the previous quarter.

In the EU25, the annual rise was 2.7 per cent in the fourth quarter 2006, down from three per cent in the previous quarter.