Albania’s consumer prices increased by 1.7% y/y in October 2013, growing at the same pace as in September, the statistics institute, INSTAT, informed. However, the growth was still lower than the 2.4% y/y rate recorded in October 2012. In monthly terms, consumer prices edged up by 0.1% in October, following a 0.8% m/m hike in the previous month.
The overall trend was again determined by food prices, which grew 3.5% y/y slightly easing from 3.9% in September. The growth was mainly driven by a 13.3% y/y increase in fruit prices and a 25.4% rise in vegetable prices. Prices of alcoholic beverages and tobacco increased by 1.2% y/y in October advancing slower than August’s rise of 2.4% y/y. Regulated prices registered a 1.6% y/y increase.
By contrast, lower prices of clothing and footwear (down 3.8% y/y) continued to exert a downward pressure on the reading. Transport charges dropped by 1% y/y reflecting a 1% y/y decline in both the costs of transportation vehicles and cost of equipment.
Communications costs fell by 1.4% y/y, snapping a 10-month rising streak. Among others, education charges as well as the furniture household and maintenance virtually stagnated in October.
In our estimates, the average inflation rate was equal to 2% in January to October 2013, up from 1.9% in the same period of 2012.
|Consumer prices, % y/y|
|Food and Drink||3.4||5.4||4.0||2.8||3.9||3.5||4.5|
|Alcohol and Tobacco||4.2||4.1||4.1||3.9||2.4||1.2||3.5|
|Clothing and Footwear||-2.0||-4.5||-4.4||-3.8||-3.7||-3.8||-3.7|
|Rent and Utilities||0.0||-0.5||-0.5||-0.5||1.5||1.6||-0.1|
|Furniture and Maintenance||1.4||0.5||0.4||0.5||0.2||-0.1||0.7|
|Recreation and Culture||1.4||0.4||0.9||0.8||0.6||0.4||0.8|
|Hotels and Restaurants||1.7||1.9||2.1||2.7||3.1||3.0||2.2|
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