The annual rate of inflation as measured by the Harmonised Index of Consumer Prices in January was 4.1%, up from 2.6% in December, according to the National Office of Statistics.

The NSO said the 12-month moving average rate for January stood at 1%.

The largest upward impact on annual inflation was measured in the food and non-alcoholic beverages index (+1.25 percentage points) while the downward impact was recorded in the communication index (-0.05 percentage points).

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 states. It is used to compare inflation rates across the EU.

A closely related measure of price movements is the Retail Price Index. 

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