Inflation up, up and away

The rate of inflation may have spun out of control with the figure for February reaching an all-time high of 3.48 per cent, 0.21 per cent higher than the January average, which had broken the three per cent barrier for the first time since August 1998.

Statistics released by the National Statistics Office also show that the retail price index for February declined by 0.67 per cent over the previous month and now stands at 117.44.

The decline in the cost of living was mainly a result of price drops in respect of fresh meat, fresh fish, potatoes and fresh vegetables.