Albania’s consumer prices increased by 1.7% y/y in October 2013, growing at the same pace as in September, the statistics institute, INSTAT, informed. However, the growth was still lower than the 2.4% y/y rate recorded in October 2012. In monthly terms, consumer prices edged up by 0.1% in October, following a 0.8% m/m hike in the previous month.
The overall trend was again determined by food prices, which grew 3.5% y/y slightly easing from 3.9% in September. The growth was mainly driven by a 13.3% y/y increase in fruit prices and a 25.4% rise in vegetable prices. Prices of alcoholic beverages and tobacco increased by 1.2% y/y in October advancing slower than August’s rise of 2.4% y/y. Regulated prices registered a 1.6% y/y increase.
By contrast, lower prices of clothing and footwear (down 3.8% y/y) continued to exert a downward pressure on the reading. Transport charges dropped by 1% y/y reflecting a 1% y/y decline in both the costs of transportation vehicles and cost of equipment.
Communications costs fell by 1.4% y/y, snapping a 10-month rising streak. Among others, education charges as well as the furniture household and maintenance virtually stagnated in October.
In our estimates, the average inflation rate was equal to 2% in January to October 2013, up from 1.9% in the same period of 2012.
Consumer prices, % y/y | |||||||
Oct-12 | Jun-13 | Jul-13 | Aug-13 | Sep-13 | Oct-13 | Jan-Oct 2013 | |
TOTAL | 2.4 | 2.3 | 1.6 | 1.2 | 1.7 | 1.7 | 2.0 |
Food and Drink | 3.4 | 5.4 | 4.0 | 2.8 | 3.9 | 3.5 | 4.5 |
Alcohol and Tobacco | 4.2 | 4.1 | 4.1 | 3.9 | 2.4 | 1.2 | 3.5 |
Clothing and Footwear | -2.0 | -4.5 | -4.4 | -3.8 | -3.7 | -3.8 | -3.7 |
Rent and Utilities | 0.0 | -0.5 | -0.5 | -0.5 | 1.5 | 1.6 | -0.1 |
Furniture and Maintenance | 1.4 | 0.5 | 0.4 | 0.5 | 0.2 | -0.1 | 0.7 |
Healthcare | 1.6 | -0.1 | -1.0 | -1.5 | -1.4 | -1.5 | -0.2 |
Transportation | 4.1 | 1.1 | 0.5 | 0.3 | -0.9 | -1.0 | 0.2 |
Communication | -0.3 | 1.3 | 1.2 | 1.3 | 1.3 | -1.4 | 1.0 |
Recreation and Culture | 1.4 | 0.4 | 0.9 | 0.8 | 0.6 | 0.4 | 0.8 |
Education | 1.9 | 2.2 | 2.2 | 2.2 | 2.0 | 0.1 | 1.8 |
Hotels and Restaurants | 1.7 | 1.9 | 2.1 | 2.7 | 3.1 | 3.0 | 2.2 |
Others | 7.7 | -1.6 | -2.4 | -2.0 | -3.0 | 1.8 | -0.6 |
Source: INSTAT |
The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more
EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more
Albanian banks reported profits of ALL28.5bn (€271.7bn) in 2023, according to data from the Albanian Association of Banks. All banks in the country reported a profit for the year. The most ... more