With regard to the latest data on the Harmonised Index of Consumer Prices, the annual increase for December 1998 showed a further slowdown to 0.8%, compared with 0.9% in November and 1.0% in October. This development was in line with previous trends; i.e.
Finally, let me say a few words about inflation. Although the overall consumer price index has been buffeted by swings in food and energy prices, the core measure that excludes these components has slowed noticeably over the past year. The core CPI is up only 1¼ percent from its level of a year ago.