Albania’s consumer prices increased by 1.9% y/y in February 2014, speeding up from 1.7% y/y in the previous month, the statistics institute, INSTAT, informed. The annual growth, however, was below its year-ago level of 2.5%.
In monthly terms, consumer prices increased by 1.4% in February, also faster than January's rise of 0.8%.
The overall trend was again determined by food prices, which grew 2.9% y/y, accelerating from a 2.7% hike in January 2014. The growth was mainly supported by a 16.7% y/y increase in fruit prices and a 13% rise in vegetable prices. At the same time, prices of all other food items as well as of non-alcoholic beverages declined in February.
Prices of alcoholic beverages and tobacco increased by 6.3% y/y in February, slower than January’s rise of 7.3% y/y. Regulated prices registered a 2% y/y increase for the second month in a row in February.
Transport charges picked up by 0.9% y/y driven by a 2.6% y/y growth in equipment operations of personal transportation.
By contrast, lower prices of clothing and footwear (down 3.4% y/y) and communications (down 2.8% y/y) continued to exert a downward pressure on the reading. Among others, costs of furniture household declined by 0.7% y/y.
In our estimates, the average inflation rate was equal to 1.9% in 2013, slightly down from 2% in 2012.
Consumer prices, % y/y | ||||||
Feb-13 | Oct-13 | Nov-13 | Dec-13 | Jan-14 | Feb-14 | |
TOTAL | 2.5 | 1.7 | 1.0 | 1.9 | 1.7 | 1.9 |
Food and Drink | 4.9 | 3.5 | 2.1 | 3.5 | 2.7 | 2.9 |
Alcohol and Tobacco | 3.9 | 1.2 | 3.2 | 4.2 | 7.3 | 6.3 |
Clothing and Footwear | -3.2 | -3.8 | -3.7 | -3.4 | -2.7 | -3.4 |
Rent and Utilities | -0.1 | 1.6 | 1.5 | 2.3 | 2.0 | 2.0 |
Furniture and Maintenance | 1.4 | -0.1 | -0.1 | -0.5 | -0.7 | -0.7 |
Healthcare | 1.1 | -1.5 | -1.6 | -1.5 | -1.3 | -1.3 |
Transportation | 0.6 | -1.0 | -1.0 | -1.2 | 0.6 | 0.9 |
Communication | 1.3 | -1.4 | -1.4 | -2.9 | -2.8 | -2.8 |
Recreation and Culture | 1.5 | 0.4 | 0.1 | -0.2 | -0.2 | 0.1 |
Education | 1.8 | 0.1 | 0.1 | 0.1 | 0.3 | 1.0 |
Hotels and Restaurants | 1.9 | 3.0 | 2.5 | 1.9 | 1.8 | 1.9 |
Others | 1.4 | 1.8 | -1.2 | 3.3 | 1.6 | 5.6 |
Source: INSTAT |
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