Producer price index up 0.8% m/m and 4.8% y/y in January 2015
Monthly PPI for industrial products increased 0.8% in January 2015 mainly impacted by 1.2% increase in manufacturing prices (mostly for foods, beverages and tobacco) contributing 1.02ppts to overall index. The prices fell 14.3% m/m for manufacture of chemical products. Annual PPI increased 4.8% in January 2015 with manufacturing prices increasing by 7.8% y/y and contributing 6.38ppts to overall index change. The prices decreased 6.4% y/y (-0.89ppts) in the category of electricity, gas and water supply.
Money transfers down 23.3% y/y in January 2015
Money transfers decreased 23.3% y/y in January 2015 as transfers from Russia decreased by 44.7% y/y accounting for 34.3% of total. Remittances significantly increased from Turkey (+42.0%), Israel (+35.2%), Germany (+21.4%) and USA (+20.4%).
NBG sold US$ 40mn
NBG intervened the FX market on 19 February 2015 and sold US$ 40mn. However, lari weakened by 3.0% d/d against dollar.
