Albania’s CPI inflation slows down to 1.7% y/y in April

By bne IntelliNews May 9, 2014

Albania’s consumer prices increased by 1.7% y/y in April 2014, slowing down from 2.2% y/y in the previous month, the statistics institute, INSTAT, informed. The annual growth was also below its year-ago level of 2.3%.

In monthly terms, consumer prices decreased by 0.6% in April, reversing a 0.5% y/y rise in March.

Food prices, which traditionally determine the overall trend, grew by 1.8% y/y, easing from a 2.8% hike in March. The growth was mainly supported by a 16.6% y/y increase in fruit prices and a 7.8% rise in vegetable prices. At the same time, prices of all other food items as well as of non-alcoholic beverages declined in April.

Prices of alcoholic beverages and tobacco increased by 7.2% y/y in April, faster than March’s rise of 6.8% y/y. Regulated prices registered a 2% y/y increase in the month.

Transport charges picked up by 0.5% y/y, driven by a 1.7% y/y growth in equipment operations of personal transportation.

By contrast, lower prices of clothing and footwear (down 2.8% y/y), communications (down 1.4% y/y) and medical care (down 3.9% y/y) continued to exert a downward pressure on the reading. Among others, costs of furniture household declined by 0.8% y/y.

In our estimates, the average inflation rate was equal to 1.9% in January to April 2014, down from 2.5% in the same period a year earlier.

Consumer prices, % y/y              
  Apr-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 Jan-Apr 2014
TOTAL  2.3 1.9 1.7 1.9 2.2 1.7 1.9
Food and Drink  5.7 3.5 2.7 2.9 2.8 1.8 2.5
Alcohol and Tobacco  3.5 4.2 7.3 6.3 6.8 7.2 6.9
Clothing and Footwear  -3.4 -3.4 -2.7 -3.4 -3.2 -2.8 -3.0
Rent and Utilities    -0.9 2.3 2.0 2.0 2.1 2.0 2.0
Furniture and Maintenance  1.2 -0.5 -0.7 -0.7 -1.0 -0.8 -0.8
Healthcare  0.1 -1.5 -1.3 -1.3 -1.4 -3.9 -2.0
Transportation  -0.3 -1.2 0.6 0.9 0.9 0.5 0.7
Communication  1.3 -2.9 -2.8 -2.8 -2.8 -1.4 -2.5
Recreation and Culture  0.3 -0.2 -0.2 0.1 0.3 0.3 0.1
Education  1.8 0.1 0.3 1.0 0.9 1.1 0.8
Hotels and Restaurants  1.8 1.9 1.8 1.9 2.7 2.6 2.2
Others  -3.6 3.3 1.6 5.6 11.0 10.8 7.2
Source: INSTAT              
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