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Prices are rising more slowly, inflation down to 2.3 percent after more than 2 years

2024-04-09 09:26:55Biznes SHKRUAR NGA REDAKSIA VOX

Price growth has slowed significantly in recent months. INSTAT announced that the annual change in the consumer price index in March 2024 is 2.3%.

This is the lowest level since July 2021, before a wave of appreciation began, influenced first by the imbalances brought about by the pandemic and then by the consequences on commodity markets of Russia's attacks on Ukraine. In October 2022, inflation reached 8.3%, the highest level since 1998.

Then the price increase started to slow down and the year 2022 closed at the level of 4%.

In the first months of 2024, inflation fell below the Bank of Albania's target of 3%. Since the beginning of 2022, the Bank of Albania launched a monetary tightening policy, in function of its objective of maintaining price stability.

From 0.25%, the base rate has reached 3.25%. After the drop in inflation, it is not expected that the Baka of Albania will continue with this austerity policy.

Even in the Eurozone, inflation has marked a continuous decline, resulting in 2.4% in March. The European Central Bank has signaled that it may start lowering interest rates from June.

Foods continue to grow

The annual increase in prices in the month of March was mainly influenced by the group "Food and non-alcoholic beverages" with +0.70 percentage points, followed by the group "Rent, water, fuel and energy" with +0.45 percentage points.

Also, the prices of the "Furniture, home appliances and home maintenance" group were affected by +0.31 percentage points, the prices of the "Miscellaneous goods and services" group by +0.18 percentage points, the prices of the "Alcoholic beverages and tobacco" groups ” and “Hotels, cafes and restaurants” with +0.16 percentage points, the prices of the “Clothing and shoes” group with +0.12 percentage points, the prices of the “Entertainment and culture” group with +0.09 percentage points, the prices of the "Health" and "Educational service" groups with +0.07 percentage points and the prices of the "Communication" group with +0.01 percentage points. The prices of the "Transport" group contributed with -0.02 percentage points.

Annual changes of the main groups:

Compared to the month of March 2023, the largest increase in prices is observed in the group "Furniture, home appliances and home maintenance" with 4.2%, followed by the groups "Entertainment and culture" with 3.8%, "Hotels, cafes and restaurants" with 3.5%, "Alcoholic beverages and tobacco", "Clothing and shoes" and "Miscellaneous goods and services" with 3.3% each, "Rent, water, fuel and energy" with 2.4% , "Educational service" with 2.3%, "Food and non-alcoholic beverages" with 2.0%, "Health" with 1.9% and "Communication" with 0.2%.

On the other hand, the prices of the "Transporti" group decreased by 0.3%. Within the food group, the prices of the subgroup "vegetables including potatoes" increased by 4.7%, followed by the subgroups "fish" by 4.6%, "sugar, jam, honey, chocolate and sweets" by 4.4%, "milk, cheese and eggs" increased by 4.0%, "meat" by 3.7%, etc.

Monthly changes of the main groups:

Compared to February 2024, the prices of the group "Food and non-alcoholic beverages" increased by 1.0%, followed by the groups "Entertainment and culture" by 0.4%, "Transport" by 0.3%, "Alcoholic beverages and tobacco" with 0.2%, "Rent, water, fuel and energy", "Furniture, home appliances and home maintenance", "Hotels, cafes and restaurants" and "Miscellaneous goods and services" with 0.1% each.

Prices are rising more slowly, inflation down to 2.3 percent after more than 2

 


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