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|
Albania’s first private stock exchange is expected to be operational soon, most probably this autumn, after it was licensed by the financial supervisory authority, AMF, earlier in July. The ... more
Albania’s opposition Democratic Party (DP) re-elected Lulzim Basha as party leader for another four-year mandate on July 22, despite the catastrophic general election defeat in June. Basha, 43, ... more
Dismissing "parasites" in the public administration will be the priority of the Socialist-led government during its second mandate, Albanian Prime Minister Edi Rama has said, ... more