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|
|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|
|Recreation and Culture||1.9||0.8||0.6||0.4||0.1||-0.2||0.6|
|Hotels and Restaurants||2.0||2.7||3.1||3.0||2.5||1.9||2.2|
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