Year-on-year, prices of clothing and footwear recorded the highest drop (-4.0 percent), followed by cost of petroleum products (-3.1 percent), medical products (-2.7 percent) and major appliances (-1.7 percent). The largest upward pressure came from tobacco prices which rose 5.6 percent on the year.
On a monthly basis, the largest downward pressures came from winter sales which explained the fall of manufactured product prices (-3.0 percent). Prices of clothing and footwear fell by 15.4 percent, cost of major appliances dropped 2.2 percent and furniture and furnishings’ prices which went down by 2.4 percent. As every year in January, some seasonal decreases in services cost linked with tourism have also contributed to the fall in CPI.
A rise in tobacco prices (+2.1 percent), increases in VAT rates and the usual revaluations of some service tariffs in January did not offset those temporary declines in CPI.