The short-term periodicities of the flare index are investigated in detail using Fourier and wavelet transforms for the full disc and for the northern and the southern hemispheres of the Sun separately over the epoch of almost 4 cycles (1966 -2002). The most pronounced power peaks were found by the Fourier transform to be present at 25.6, 27.0, 30.2, and 33.8 days. The wavelet transform results show that the occurrence of periodicities of flare index power is highly intermittent in time. A comparison of the results of the Fourier transform and the time-period wavelet transform of the flare index time series has clarified the importance of different periodicities, whether they are or are not the harmonics of the basic ones, as well as the temporal location of their occurrence. We found that the modulation of the flare index due to the 27-day solar rotation is more pronounced during the declining portion of solar cycle than during the rising portion.