Montenegro's consumer prices stay flat y/y in Nov 2013

By bne IntelliNews December 16, 2013

Montenegro's consumer price index (CPI) recorded a zero annual growth in November 2013 after edging up 0.5% y/y the month before as rising alcoholic beverages and housing charges were offset by falling food and transport costs, data from the statistics office showed.

In monthly terms, consumer prices inched down 0.6% in November after shrinking 0.2% in October. November’s CPI rose 2.0% compared to the 2012 average.

Prices of food and non-alcoholic beverages, which have the strongest weight in the CPI basket, swung to a 0.8% y/y drop in November following a 0.3% y/y increase the month before, due to falling bread, oils and fats, milk products and fruits costs.

November’s furnishing and household equipment costs continued retreating shrinking 0.8% y/y after dropping 0.5% y/y the month before. Transport price deflation narrowed to 2.8% y/y in November from to 3.4% y/y in October due to slower decline of fuel costs. Recreation and culture prices continued to push the overall CPI index down as they fell 2.9% y/y in November, dropping for the sixth straight month.

Prices of alcoholic beverages recorded the strongest annual growth in November rising by 7.4% y/y, albeit easing slightly from a 7.7% y/y increase in October. Housing and utilities charges growth strengthened to 2.1% y/y in November from 1.9% y/y in October, thanks to a slower decline of solid fuel costs.

Montenegro's average inflation accelerated to 4.1% in 2012 from 3.1% in 2011 mainly due to higher utilities and food and tourism sector related prices. The central bank expects inflation to average 3%-5% in 2013.

Montenegro's CPI inflation,% Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13
TOTAL 3.2 3.0 2.2 2.7 2.2 1.8 0.5 0.0
Food and non-alcoholic beverages 5.4 6.3 4.5 6.0 5.5 3.5 0.3 -0.8
Alcoholic beverages and tobacco  0.6 2.5 2.3 6.8 7.5 8.1 7.7 7.4
Clothing and footwear  9.4 2.3 -0.7 -2.7 0.5 0.5 1.3 -0.6
Housing, water, electricity, gas and other fuels 4.4 4.4 3.4 2.8 0.7 2.5 1.9 2.1
Furnishings, household equipement and routine hous.maintenance -2.8 -1.4 -1.4 -1.5 -1.4 -0.8 -0.5 -0.8
Health 2.1 1.7 2.0 2.4 2.5 2.2 1.5 1.5
Transport -4.6 -4.4 -1.5 0.0 -2.1 -2.3 -3.4 -2.8
Communications 3.4 2.0 2.0 -0.8 -0.8 -0.6 -0.7 -0.6
Recreation and culture 3.8 1.1 -0.3 -0.2 -3.0 -2.9 -2.6 -2.9
Education 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Restaurants and hotels 1.7 -1.1 -3.1 -4.0 -4.8 -1.7 -0.7 0.1
Miscellaneous goods and services 1.1 3.1 2.7 3.3 3.7 3.9 4.6 3.1
Source: Monstat                

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