Albania’s consumer prices increased by 1% y/y in November 2013, slowing down from 1.7% y/y in October, the statistics institute, INSTAT, informed. The growth was also lower than the 2.5% y/y rate recorded in November 2012. In monthly terms, consumer prices dropped by 0.5% in November, after rising in the previous two months.
The overall trend was again determined by food prices, which grew 2.1% y/y, easing from a 3.5% hike in October. The growth was mainly supported by a 10.7% y/y increase in fruit prices and a 17.6% rise in vegetable prices.
Prices of alcoholic beverages and tobacco increased by 3.2% y/y in November, faster than October’s rise of 1.2% y/y. Regulated prices registered a 1.5% y/y increase.
By contrast, lower prices of clothing and footwear (down 3.7% y/y) continued to exert a downward pressure on the reading. Transport charges dropped by 1% y/y reflecting a similar drop in both the costs of transportation vehicles and the cost of equipment.
Communications costs fell by 1.4% y/y. Among others, education charges as well as furniture household and maintenance stagnated in November.
In our estimates, the average inflation rate was equal to 1.9% in January to November 2013, down from 2% in the same period of 2012.
Consumer prices, % y/y | |||||||
Nov-12 | Jul-13 | Aug-13 | Sep-13 | Oct-13 | Nov-13 | Jan-Nov 2013 | |
TOTAL | 2.5 | 1.6 | 1.2 | 1.7 | 1.7 | 1.0 | 1.9 |
Food and Drink | 3.4 | 4.0 | 2.8 | 3.9 | 3.5 | 2.1 | 4.3 |
Alcohol and Tobacco | 4.0 | 4.1 | 3.9 | 2.4 | 1.2 | 3.2 | 3.4 |
Clothing and Footwear | -2.1 | -4.4 | -3.8 | -3.7 | -3.8 | -3.7 | -3.7 |
Rent and Utilities | 0.4 | -0.5 | -0.5 | 1.5 | 1.6 | 1.5 | 0.1 |
Furniture and Maintenance | 1.3 | 0.4 | 0.5 | 0.2 | -0.1 | -0.1 | 0.7 |
Healthcare | 1.7 | -1.0 | -1.5 | -1.4 | -1.5 | -1.6 | -0.3 |
Transportation | 3.4 | 0.5 | 0.3 | -0.9 | -1.0 | -1.0 | 0.1 |
Communication | -0.3 | 1.2 | 1.3 | 1.3 | -1.4 | -1.4 | 0.8 |
Recreation and Culture | 1.5 | 0.9 | 0.8 | 0.6 | 0.4 | 0.1 | 0.7 |
Education | 1.9 | 2.2 | 2.2 | 2.0 | 0.1 | 0.1 | 1.6 |
Hotels and Restaurants | 1.7 | 2.1 | 2.7 | 3.1 | 3.0 | 2.5 | 2.2 |
Others | 10.6 | -2.4 | -2.0 | -3.0 | 1.8 | -1.2 | -0.7 |
Source: INSTAT |
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