In January 2018, the Consumer Prices Index (CPI) edged down by 0.1%, following a +0.3% rebound in December. This decline is largely the result of a seasonal downturn in manufactured product prices due to winter sales, and a drop in transport prices. Tobacco prices fell also. The monthly downturn was mitigated by a sharp acceleration in energy prices and a rise in food prices.

Seasonally adjusted, consumer prices accelerated (+0.7%) after +0.1% in December.

Year on year, consumer prices rose by 1.3% in January after +1.2% in November and December. The acceleration in energy and services prices was partly offset by slower prices of tobacco and food products. Prices of manufactured products were stable.