Montenegro's harmonised inflation eases to 1.5% y/y in June 2013

By bne IntelliNews July 19, 2013

Montenegro's inflation, measured by the EU harmonised inflation index (HICP), cooled to 1.5% y/y in June from 2.1% a month earlier, due to slower price growth of food, alcoholic beverages and clothing, the statistics office said. Falling transport, household equipment and restaurants and hotels prices also helped curb price growth in June. In monthly terms, inflation edged down 0.1% in June after increasing 0.5% m/m the month before.

Food prices (33.1% of the basket) shrank 1.0% m/m, cutting the annual growth to 3.7% y/y from 5.9% the month before. Alcoholic beverages and tobacco costs edged down 0.2% m/m in June, helping trim the annual increase to 3.0% y/y from 3.2% in May.

June’s furniture and household equipment prices dropped 0.5% m/m. The annual deflation thus deepened to 1.3% y/y from 1.1% in May. Transport prices, which account for nearly 12% of the consumer basket, shrank 1.1% y/y in June narrowing from a 4.3% y/y drop the month before.

Restaurants and hotels prices also fell 2.1% y/y in June for a second straight month, reflecting falling accommodation services costs. Clothing and footwear prices growth braked to 0.5% y/y in June from 3.8% in May, also helping curb the overall index.

The 2012 average HICP inflation rose to 4% in 2012 from 3% a year earlier, mainly due to higher housing, water, electricity and other fuels prices.

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