diff --git a/ihatemoney/models.py b/ihatemoney/models.py
index 473e7c0b0..475b3cfa7 100644
--- a/ihatemoney/models.py
+++ b/ihatemoney/models.py
@@ -262,6 +262,14 @@ def get_member_bills(self, member_id):
             .order_by(Bill.id.desc())
         )
 
+    def get_newest_bill(self):
+        """Returns the most recent bill (according to bill date) or None if there are no bills"""
+        return self.get_bills_unordered().order_by(Bill.date.desc()).first()
+
+    def get_oldest_bill(self):
+        """Returns the least recent bill (according to bill date) or None if there are no bills"""
+        return self.get_bills_unordered().order_by(Bill.date.asc()).first()
+
     def get_pretty_bills(self, export_format="json"):
         """Return a list of project's bills with pretty formatting"""
         bills = self.get_bills()
diff --git a/ihatemoney/tests/budget_test.py b/ihatemoney/tests/budget_test.py
index 92618594e..6b2a8f27f 100644
--- a/ihatemoney/tests/budget_test.py
+++ b/ihatemoney/tests/budget_test.py
@@ -917,6 +917,11 @@ def test_statistics(self):
         # Add a participant with a balance at 0 :
         self.client.post("/raclette/members/add", data={"name": "pépé"})
 
+        # Check that the "monthly expenses" table is empty
+        response = self.client.get("/raclette/statistics")
+        regex = r"<thead>\s*<tr>\s*<th>Period</th>\s*<th>Spent</th>\s*</tr>\s*</thead>\s*<tbody>\s*</tbody>"
+        self.assertRegex(response.data.decode("utf-8"), regex)
+
         # create bills
         self.client.post(
             "/raclette/add",
@@ -952,7 +957,7 @@ def test_statistics(self):
         )
 
         response = self.client.get("/raclette/statistics")
-        regex = r"<td class=\"d-md-none\">{}</td>\s+<td>{}</td>\s+<td>{}</td>"
+        regex = r"<td class=\"d-md-none\">{}</td>\s*<td>{}</td>\s*<td>{}</td>"
         self.assertRegex(
             response.data.decode("utf-8"),
             regex.format("zorglub", r"\$20\.00", r"\$31\.67"),
@@ -982,6 +987,85 @@ def test_statistics(self):
         self.assertRegex(response.data.decode("utf-8"), re.compile(regex1, re.DOTALL))
         self.assertRegex(response.data.decode("utf-8"), re.compile(regex2, re.DOTALL))
 
+        # Check that the "monthly expenses" table has a single month and the correct amount
+        regex = r"<tbody>\s*<tr>\s*<td>August 2011</td>\s*<td>\$40.00</td>\s*</tr>\s*</tbody>"
+        self.assertRegex(response.data.decode("utf-8"), regex)
+
+        # Add bills for other months and check monthly expenses again
+        self.client.post(
+            "/raclette/add",
+            data={
+                "date": "2011-12-31",
+                "what": "champomy",
+                "payer": 1,
+                "payed_for": [1, 2],
+                "amount": "10",
+            },
+        )
+        self.client.post(
+            "/raclette/add",
+            data={
+                "date": "2011-08-01",
+                "what": "ice cream",
+                "payer": 2,
+                "payed_for": [1, 2],
+                "amount": "10",
+            },
+        )
+        months = [
+            ("December 2011", r"\$10.00"),
+            ("November 2011", r"\$0.00"),
+            ("October 2011", r"\$0.00"),
+            ("September 2011", r"\$0.00"),
+            ("August 2011", r"\$50.00"),
+        ]
+        months_fmt = [
+            r"<tr>\s*<td>{}</td>\s*<td>{}</td>\s*</tr>".format(month, amount)
+            for month, amount in months
+        ]
+        regex = r"<tbody>\s*" + r"\s*".join(months_fmt) + r"\s*</tbody>"
+        response = self.client.get("/raclette/statistics")
+        self.assertRegex(response.data.decode("utf-8"), regex)
+
+        # Test more corner cases
+        self.client.post(
+            "/raclette/add",
+            data={
+                "date": "2011-07-31",
+                "what": "more ice cream",
+                "payer": 1,
+                "payed_for": [1, 2],
+                "amount": "20",
+            },
+        )
+        months.append(("July 2011", r"\$20.00"))
+        months_fmt = [
+            r"<tr>\s*<td>{}</td>\s*<td>{}</td>\s*</tr>".format(month, amount)
+            for month, amount in months
+        ]
+        regex = r"<tbody>\s*" + r"\s*".join(months_fmt) + r"\s*</tbody>"
+        response = self.client.get("/raclette/statistics")
+        self.assertRegex(response.data.decode("utf-8"), regex)
+
+        self.client.post(
+            "/raclette/add",
+            data={
+                "date": "2012-01-01",
+                "what": "more champomy",
+                "payer": 2,
+                "payed_for": [1, 2],
+                "amount": "30",
+            },
+        )
+        months.insert(0, ("January 2012", r"\$30.00"))
+        months_fmt = [
+            r"<tr>\s*<td>{}</td>\s*<td>{}</td>\s*</tr>".format(month, amount)
+            for month, amount in months
+        ]
+        regex = r"<tbody>\s*" + r"\s*".join(months_fmt) + r"\s*</tbody>"
+        response = self.client.get("/raclette/statistics")
+        self.assertRegex(response.data.decode("utf-8"), regex)
+
     def test_settle_page(self):
         self.post_project("raclette")
         response = self.client.get("/raclette/settle_bills")
diff --git a/ihatemoney/web.py b/ihatemoney/web.py
index d9e7ec087..c338aefe8 100644
--- a/ihatemoney/web.py
+++ b/ihatemoney/web.py
@@ -8,8 +8,9 @@
 some shortcuts to make your life better when coding (see `pull_project`
 and `add_project_id` for a quick overview)
 """
-from datetime import datetime
 from functools import wraps
+import datetime
+import itertools
 import json
 import os
 
@@ -893,12 +894,23 @@ def strip_ip_addresses():
 @main.route("/<project_id>/statistics")
 def statistics():
     """Compute what each participant has paid and spent and display it"""
-    today = datetime.now()
+    # Determine range of months between which there are bills
+    months = []
+    if g.project.has_bills():
+        first_date = g.project.get_oldest_bill().date
+        last_date = g.project.get_newest_bill().date
+        # Infinite iterator towards the past
+        last_month = datetime.date(year=last_date.year, month=last_date.month, day=1)
+        all_months = (last_month - relativedelta(months=i) for i in itertools.count())
+        # Stop when reaching one month before the first date
+        months = itertools.takewhile(
+            lambda x: x > first_date - relativedelta(months=1), all_months
+        )
     return render_template(
         "statistics.html",
         members_stats=g.project.members_stats,
         monthly_stats=g.project.monthly_stats,
-        months=[today - relativedelta(months=i) for i in range(12)],
+        months=months,
         current_view="statistics",
     )