The annual inflation rate stood at 2.37% as of January, a report by the National Statistics Office revealed.

The Retail Price Index dropped down to 106.58 in January from 108.38 in December. This primarily reflects a decrease of 16.53% in the Clothing and Footwear Index, mainly due to seasonally lower prices of garments. Lower airfares and cheaper fuels were the main cause behind the 2.98% drop registered in the Transport and Communication Index. A decrease of 0.64% was registered in the Household Equipment and House Maintenance Cost Index, mainly on account of discounted prices of carpets. A drop in the price of gas brought caused the Water, Electricity, Gas and Fuels Index to decrease by 0.56%.

Higher prices for hairdressing and personal grooming services underlay an increase of 0.86% in the Personal Care and Health Index. An increase of 0.22% was registered in the Food Index, mainly due to a rise in the prices of fruit.

An upward movement in the prices for house maintenance services brought about an increase of 0.20% in the Housing Index and the Beverages and Tobacco Index edged up by 0.16% mainly due to higher prices for served beverages.