In December, headline inflation fell to 3.8 percent from 4.3 percent as at November. Inflation fell for several commodity groups, including: alcoholic beverages and tobacco (from 8.5 to 7.6 percent as the impact of the increase in the alcohol levy in December 2013 fell out of the inflation calculation); health (from 8.6 to 8.5 percent); transport (from 1.8 to ‑0.8 percent, reflecting a cut in fuel prices in early December); and restaurants and hotels (from 6.5 to 5.4 percent). However, this was partially offset by rising inflation for: clothing and footwear (from 6.3 to 6.6 percent); housing, water, electricity, gas and other fuels (from 3.3 to 4.0 percent, due mainly to an increase in the housing rental component); furnishing, household equipment and routine maintenance (from 4.8 to 4.9 percent); and recreation and culture (from 3.4 to 3.6 percent). Inflation was unchanged for: food and non-alcoholic beverages (2.5 percent); communication (zero percent); education (7.4 percent); and miscellaneous goods and services (6.0 percent).

The trimmed mean measure of core inflation fell from 3.9 to 3.7 percent, while inflation excluding administered prices declined from 5.0 to 4.9 percent.