The annual rate of inflation in January increased nominally over the same month last year, rising to 0.72 per cent, according to the Retail Price Index.

In January 2013, the rate stood 0.65 per cent.

The main upward impacts were recorded in the food, beverages and tobacco, transport and communication indices. This was mainly due to higher prices for vegetables, cigarettes and air transport services respectively.

The largest downward impacts on annual inflation were brought about by water, electricity, gas and fuels, household equipment and house maintenance cost indices. This was mainly due to lower electricity rates and discounted prices of carpets.

The 12-month moving average rate was 0.32 per cent.

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