Albania’s CPI inflation speeds up to 1.9% y/y in February 2014.

By bne IntelliNews March 11, 2014

Albania’s consumer prices increased by 1.9% y/y in February 2014, speeding up from 1.7% y/y in the previous month, the statistics institute, INSTAT, informed.  The annual growth, however, was below its year-ago level of 2.5%.

In monthly terms, consumer prices increased by 1.4% in February, also faster than January's rise of 0.8%.

The overall trend was again determined by food prices, which grew 2.9% y/y, accelerating from a 2.7% hike in January 2014. The growth was mainly supported by a 16.7% y/y increase in fruit prices and a 13% rise in vegetable prices. At the same time, prices of all other food items as well as of non-alcoholic beverages declined in February.

Prices of alcoholic beverages and tobacco increased by 6.3% y/y in February, slower than January’s rise of 7.3% y/y. Regulated prices registered a 2% y/y increase for the second month in a row in February.

Transport charges picked up by 0.9% y/y driven by a 2.6% y/y growth in equipment operations of personal transportation.

By contrast, lower prices of clothing and footwear (down 3.4% y/y) and communications (down 2.8% y/y) continued to exert a downward pressure on the reading. Among others, costs of furniture household declined by 0.7% y/y.

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

Consumer prices, % y/y            
  Feb-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14
TOTAL  2.5 1.7 1.0 1.9 1.7 1.9
Food and Drink  4.9 3.5 2.1 3.5 2.7 2.9
Alcohol and Tobacco  3.9 1.2 3.2 4.2 7.3 6.3
Clothing and Footwear  -3.2 -3.8 -3.7 -3.4 -2.7 -3.4
Rent and Utilities    -0.1 1.6 1.5 2.3 2.0 2.0
Furniture and Maintenance  1.4 -0.1 -0.1 -0.5 -0.7 -0.7
Healthcare  1.1 -1.5 -1.6 -1.5 -1.3 -1.3
Transportation  0.6 -1.0 -1.0 -1.2 0.6 0.9
Communication  1.3 -1.4 -1.4 -2.9 -2.8 -2.8
Recreation and Culture  1.5 0.4 0.1 -0.2 -0.2 0.1
Education  1.8 0.1 0.1 0.1 0.3 1.0
Hotels and Restaurants  1.9 3.0 2.5 1.9 1.8 1.9
Others  1.4 1.8 -1.2 3.3 1.6 5.6
Source: INSTAT            
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