Albania's CPI inflation speeds up to 2% y/y in August 2014

By bne IntelliNews September 9, 2014

Albania's consumer prices increased by 2% y/y in August 2014, speeding up from a 1.8% y/y growth recorded in July, the statistics institute, INSTAT, said on September 8. The annual growth in August was also up from its year-ago level of 1.2%.

In monthly terms, consumer prices edged up by 0.1% in August, reversing a 0.6% drop the month before.

Food prices, which traditionally determine the overall trend, grew by 3.2% y/y, accelerating from a 2.6% y/y rise in the previous two months. The growth was mainly driven by a 7% y/y rise in fruit prices and a 25.6% jump in vegetable prices. The costs of all other food items (except of milk, fish and meet) declined in annual terms in August.

Prices of alcoholic beverages and tobacco increased by 7.1% y/y in August, speeding up from a 6.9% y/y increase in July.

Transport charges advanced by 1% y/y, driven again by the growth in equipment operations of personal transportation - of 1.6% y/y.

On the other hand, lower prices of clothing and footwear (down 2.3% y/y), communications (down 0.8% y/y) and medical care (down 5.6% y/y) continued to dent the CPI growth. Among others, the cost of household furniture declined by 0.5% y/y.

In our estimates, the average inflation rate was equal to 1.8% in January to August 2014.

Consumer prices, % y/y              
  Aug-13 Jan-14 May-14 Jun-14 Jul-14 Aug-14 Jan-Aug 2014
TOTAL  1.2 1.7 1.6 1.5 1.8 2.0 1.8
Food and Drink  2.8 2.7 2.1 2.1 2.6 3.2 2.5
Alcohol and Tobacco  3.9 7.3 6.6 6.9 6.9 7.1 6.9
Clothing and Footwear  -3.8 -2.7 -2.8 -2.0 -2.2 -2.3 -2.7
Rent and Utilities    -0.5 2.0 1.8 1.2 1.3 1.1 1.7
Furniture and Maintenance  0.5 -0.7 -0.8 -0.8 -0.6 -0.5 -0.7
Healthcare  -1.5 -1.3 -5.3 -6.3 -6.1 -5.6 -3.9
Transportation  0.3 0.6 0.6 1.0 1.2 1.0 0.8
Communication  1.3 -2.8 -1.2 -1.3 -0.7 -0.8 -1.7
Recreation and Culture  0.8 -0.2 0.4 0.3 0.0 -0.2 0.1
Education  2.2 0.3 1.1 0.8 0.8 0.8 0.8
Hotels and Restaurants  2.7 1.8 2.7 2.4 2.5 1.9 2.3
Others  -2.0 1.6 8.0 8.2 8.5 7.8 7.7
Source: INSTAT              

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