Albania reports 3.2% HICP inflation in October

Albania reports 3.2% HICP inflation in October
By bne IntelliNews November 24, 2017

Albania recorded Harmonised Index of Consumer Prices (HICP) inflation of 3.2% y/y in October, according to statistics office Instat. 

Annual HICP inflation was driven almost entirely by food and non-alcoholic beverages, which saw prices soar by 7.8% compared to October 2016. 

Other categories saw only modest increases, with prices of housing, water, electricity, gas and other fuels rising 2.1 %, education services 1.2%, recreation and culture 1.0% and alcoholic drink and tobacco 0.8%, etc. 

Meanwhile, prices for clothing and footwear, and furniture household goods and maintenance declined by 0.7% each. 

However, the 0.2% m/m rise in the index was largely the result of a 1.5% rise in clothing and footwear prices compared to September, and a 0.4% rise in food and non alcoholic beverages prices. 

Compared to other European countries the rise in Albania’s HICP was relatively fast. Growth outstripped that of all the EU28 countries except Lithuania and Estonia.