In August 2019, the annual rate of inflation as measured by the Harmonised Index of Consumer Prices (HICP) was 1.9 per cent, up from 1.8 per cent in July 2019, the National Statistics Office has said.
The twelve-month moving average rate for August stood at 1.7 per cent.
The largest upward impact on annual inflation was measured in the Food and Non-Alcoholic Beverages Index, while the largest downward impact was recorded in the Education Index.
The HICP measures monthly price changes in the cost of purchasing a representative basket of consumer goods and services. It is calculated according to rules specified in a series of European Union Regulations that were developed by Eurostat in conjunction with the EU member states.
The HICP is used to compare inflation rates across the EU.
The highest annual inflation rates in August was registered in Food and Non Alcoholic Beverages ( 3.6%). The lowest annual inflation was registered in Education ( -4.6%).
In August, the largest upward impact on annual inflation was registered in the Food and Non-Alcoholi Beverages index ( +0.55pp) due to higher prices of milk. The second and third largest impacts were measured in the Restaurants and Hotels Index ( +0.55pp and the Transport Index ( +0.25pp) mainly on account of higher prices of restaurant services and fuels respectively.
The downward impacts on inflation annual inflation in August were registered in the Education Index ( -0.09pp), the Clothing and Footwear Index ( -0.06pp), and the Furnishings, Household Equipment and Routine Household Maintenance Index ( -0.01pp) These were mainly due to lower prices of educational fees, footwear and furniture/furnishings respectively.