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Core inflation decreases, reaching the lowest level since October 2021

2024-11-14 12:38:36Biznes SHKRUAR NGA REDAKSIA VOX

Core inflation decreases, reaching the lowest level since October 2021

Core inflation fell for the second consecutive month in October and touched the lowest level in three years.

According to information from the Bank of Albania, core inflation dropped to 2.19%, from 2.32% in September. Even on an annual basis, core inflation remains in significant decline. In the same period of last year, the basic inflation marked the level of 3.67%.

With the further decline in October, the core inflation is stationed near the historical average levels of 2.2%.

Core inflation is calculated by the Bank of Albania for a group of goods and services that account for 69% of the share in the general basket of the Consumer Price Index. Core inflation excludes those products that usually have high volatility, mainly food and energy products.

The purpose of calculating core inflation is to strip the overall increase in prices from fluctuations of a shorter-term nature. In particular, core inflation is related to internal inflationary pressures, which in recent years have been greatly influenced by the increase in the labor costs of businesses.

Core inflation remains slightly higher than the average inflation in the economy, but in general it has followed its downward trend. According to INSTAT, for October inflation decreased to 1.9%, remaining the lowest level in more than three years.

In the analysis of the Central Bank, the rapid decline in inflation during 2024 has reflected, to the greatest extent, the decline in imported inflation. In parallel, the inflation generated by internal economic developments has been decreasing, but this decrease has been slower and internal inflationary pressures are close to their long-term averages.

The Supervisory Council of the Bank of Albania decided last week to lower the base interest rate from 3% to 2.75%. This was the second reduction of the base rate for this year, after the first reduction decided at the beginning of July.

 


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