The annual rate of inflation as measures by the harmonised index of consumer prices (HICP) in September was 0.7%, up from 0.4% in August.

The National Statistics Office said the 12-month moving average rate for September stood at 0.3%.

The largest upward impact on annual inflation was measured in the food and non-alcoholic beverages index (+0.60 percentage points), while the largest downward impact was recorded in the restaurants and hotels Index (-0.67 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.

The HICP is used to compare inflation rates across the EU. A closely related measure of price movements is the Retail Price Index.