Macedonia’s CPI deflation softens to 0.3% y/y in November

By bne IntelliNews December 9, 2014

Macedonia’s consumer prices fell by 0.3% y/y in November, following a 0.4% y/y decline in October, statistics office data showed. Compared to the previous month, consumer prices were flat in November.

The smaller CPI decline in November was supported by narrower y/y contractions in the groups of food and non-alcoholic beverages (to 0.1% from 0.7% in October) and restaurants and hotels (to 0.8% from 1.4%). In addition, the annual price growth accelerated in the groups of housing, water, electricity, gas and other fuels (to 1.6% from 1%) and health (to 2.3% from 2.1%).

On the other hand, the  y/y decline in prices widened in a number of other groups, including furnishings (to 2.4% from 1.5%), transport (to 3.9% from 2%), communication (to 2.5% from 2.4%), as well as recreation and culture (to 6.2% from 5.5%). The growth of consumer prices slowed down in education (to 0% from 0.2%) and miscellaneous goods and services (to 1.1% from 1.7%).

So far this year, the annual growth of CPI was negative in seven months – April, May, June, August, September, October and November. As a result, Macedonia reported an average deflation of 0.3% y/y in January-November.

CPI, % y/y        
  Structure, % Oct'14 Nov'14 Jan-Nov'14
CPI 100.0 -0.4 -0.3 -0.3
Food and non-alcoholic beverages 41.0 -0.7 -0.1 -1.1
Alcoholic beverages, tobacco  4.0 3.8 3.8 3.9
Clothing and footwear 6.9 0.1 0.1 0.7
Housing, water, electricity, gas and other fuels 13.4 1.0 1.6 -0.3
Furnishings, household equipment and routine maintenance of the house 5.3 -1.5 -2.4 -1.6
Health 3.5 2.1 2.3 8.4
Transport 8.7 -2.0 -3.9 -0.8
Communication 3.8 -2.4 -2.5 -0.9
Recreation and culture 2.5 -5.5 -6.2 -3.7
Education 1.1 0.2 0.0 0.2
Restaurants and hotels 5.5 -1.4 -0.8 -1.3
Miscellaneous goods and services 4.4 1.7 1.1 1.6
Source: Statistics office        
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