The annual rate of inflation slipped to 2.9 percent in February as continued increases in fuel prices were offset slightly by a decline in hotel accommodation.

Although inflation fell from the three percent rate set in January, it remains higher than it was through all of 2002.

Car and cycle fuel prices rose year over year by 3.7 percent and 3.6 percent respectively as oil prices continued to rise. Airline tickets also rose by 2.2 percent and car purchase costs were up by 0.2 percent.

The fuel and power sector also rose by 0.3 percent - but this was due to a rise in the cost of propane gas. Electricity costs were static.

Food costs were unchanged, rents rose by 0.1 percent year over year and the price of alcohol rose by 0.4 percent.