Albania’s CPI inflation speeds up to 1.9% y/y in December 2013.

By bne IntelliNews January 7, 2014

Albania’s consumer prices increased by 1.9% y/y in December 2013, speeding up from 1% y/y in November, the statistics institute, INSTAT, informed. The annual growth was lower than the 2.4% y/y rate recorded in December 2012. In monthly terms, consumer prices advanced by 1.7% in December, after dropping 0.5% m/m in the previous month.

The overall trend was again determined by food prices, which grew 3.5% y/y, accelerating from a 2.1% hike in November. The growth was mainly supported by a 13.2% y/y increase in fruit prices and a 23.2% rise in vegetable prices.

Prices of alcoholic beverages and tobacco increased by 4.2% y/y in December, faster than November’s rise of 3.2% y/y. Regulated prices registered a 2.3% y/y increase.

By contrast, lower prices of clothing and footwear (down 3.4% y/y) continued to exert a downward pressure on the reading. Transport charges dropped by 1.2% y/y reflecting a similar drop in both the costs of transportation vehicles and the cost of equipment. Communications costs fell by 2.9% y/y. Among others, costs of furniture household declined by 0.5% y/y, while education charges stagnated in December.

In our estimates, the average inflation rate was equal to 1.9% in 2013, slightly down from 2% in 2012.

Consumer prices, % y/y              
  Dec-12 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 2013
TOTAL  2.4 1.2 1.7 1.7 1.0 1.9 1.9
Food and Drink  3.6 2.8 3.9 3.5 2.1 3.5 4.2
Alcohol and Tobacco  3.8 3.9 2.4 1.2 3.2 4.2 3.5
Clothing and Footwear  -2.3 -3.8 -3.7 -3.8 -3.7 -3.4 -3.7
Rent and Utilities    0.3 -0.5 1.5 1.6 1.5 2.3 0.3
Furniture and Maintenance  1.5 0.5 0.2 -0.1 -0.1 -0.5 0.6
Healthcare  1.5 -1.5 -1.4 -1.5 -1.6 -1.5 -0.4
Transportation  3.4 0.3 -0.9 -1.0 -1.0 -1.2 0.0
Communication  1.3 1.3 1.3 -1.4 -1.4 -2.9 0.5
Recreation and Culture  1.9 0.8 0.6 0.4 0.1 -0.2 0.6
Education  1.9 2.2 2.0 0.1 0.1 0.1 1.5
Hotels and Restaurants  2.0 2.7 3.1 3.0 2.5 1.9 2.2
Others  5.7 -2.0 -3.0 1.8 -1.2 3.3 -0.4
Source: INSTAT              
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