The CPI at constant tax rates, which measures the impact of tax changes on consumer prices, assuming that these are immediately and fully incorporated, suggests an impact of approximately 1.1 p.p. in January 2012 due to VAT changes. Another base effect is associated with the pronounced increase of health user payments in public services in January 2012, which was significantly lower in 2013.
The CPI 12-month average rate of change decreased to 2.5 percent in January, from 2.8 percent in December. The core inflation index, which excludes unprocessed food and energy, stood at 1.3 percent (1.5 percent in December).