The index for all items excluding food and energy, or core CPI, showed an increase of 0.2%.

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Indeed, in euro terms the all-items index has fallen (see chart).

ECONOMIST: The prices of most raw materials have been surging

The Economist all-items commodity price index has risen by 21% in dollar terms since January 2002, its fastest rate of growth since 1994.

ECONOMIST: The prices of most raw materials have been surging

And a few items on the index are jaw-dropping.

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Before April's election Deputy Le Lievre served on the Social Security Department and said he wanted to restore the previous regime of increasing pensions by RPIX - a measure of inflation equivalent to the all-items Retail Price Index, but excluding mortgage interest payments - plus 1% each year.

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The core index, which measures prices on items excluding food and energy, picked up 0.1%, just one percentage point under the estimate.

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The electricity tariff cut lowered the index by 0.45%, so if one takes away the one-off effect of this cut, and maintaining all other items the same, the price index would have reached 1.13% higher month over month, or a whopping 14.44% annualized.

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Their Everyday Price Index (EPI) strips away the cost of big-ticket items, like homes and cars, and looks at the cost of things that consumers encounter on a daily or monthly basis, such as groceries, prescription medicine, and telephone and cable bills.

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