Year-on-year inflation of 4.4% for January

In January 2013, the inflation rate reached 4.4%, compared to the same month last year, showed preliminary data of the National Statistical Institute (NSI). Consumer prices rose by 0.4% in January 2013, compared to December 2012.

At the beginning of 2013, prices of foods and soft drinks increased by 1.7%, compared to the end of last year, while those of beverages and tobacco products rose by 0.1%, NSI reported. Transport fares increased at the same rate. These are the main factors driving inflation up.

Meanwhile, prices of clothing and footwear dropped by 3.2%. Household bills for water, electricity, gas and other fuels decreased by 0.7% and prices of furniture fell 0.5%.

On a monthly basis, the price index in the so-called small consumer basket increased by 1.1%, mainly due to the 2% increase in food prices.

NSI’s inflation figures are alarming as a whole. The reason is that the accelerated growth of consumer prices is not due to increased demand and, therefore, production, but has been happening against the background of a lack of economic growth in recent months.

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