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|
|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|
|Recreation and Culture||1.5||0.4||0.1||-0.2||-0.2||0.1|
|Hotels and Restaurants||1.9||3.0||2.5||1.9||1.8||1.9|
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