Macedonia's consumer prices fell 0.3% y/y in September, reversing a 0.1% y/y growth in August, statistics office data showed. In monthly comparison terms, prices eased 0.2% in September after staying flat in August.
Macedonia reported an average annual deflation of 0.3% for the first nine months of the year. In its October edition of the World Economic Outlook, the International Monetary Fund (IMF) forecast an average annual inflation of 0.1% in Macedonia this year, to accelerate to 1.3% in 2016. The end-year inflation is seen at 0.8% y/y in 2015 and 1.7% y/y in 2016.
The return to annual deflation in September was supported by developments in eight of the 12 CPI basket components. The biggest contribution came from transport prices, which sank 11.2% y/y in September, after dropping 8.7% y/y the month before. This group also accounted for the largest m/m decline in September, of some 3.7%. Within transport, consumer prices of fuels and lubricants went down 20.2% y/y and 6.9% m/m in September.
Food prices, which account for 40.7% of CPI, increased 0.4% y/y in September, after rising 0.3% y/y the month before.
| CPI, % y/y | |||
| Aug'15 | Sep'15 | Jan-Sep'15 | |
| CPI | 0.1 | -0.3 | -0.3 |
| Food and non-alcoholic beverages | 0.3 | 0.4 | 0.3 |
| Alcoholic beverages, tobacco | 5.2 | 5.2 | 5.5 |
| Clothing and footwear | 0.4 | 0.6 | 0.3 |
| Housing, water, electricity, gas and other fuels | 1.0 | 0.9 | 1.2 |
| Furnishings, household equipment and routine maintenance of the house | 3.6 | 2.6 | 1.9 |
| Health | 2.5 | 2.3 | 1.1 |
| Transport | -8.7 | -11.2 | -9.3 |
| Communication | -4.1 | -4.4 | -5.1 |
| Recreation and culture | 2.2 | 1.9 | 0.0 |
| Education | 0.0 | 0.0 | 0.0 |
| Restaurants and hotels | 2.5 | 1.2 | 1.1 |
| Miscellaneous goods and services | 0.3 | 0.2 | -0.2 |
| Source: Statistics office |
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