Inflation hits highest in 2 decades, prices of goods rose by 5.7%

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The prices of the main consumer products rose by 5.7% at the end of March, marking the highest level in the past two decades.

Last year, inflation was at 1.2%.

The transportation industry suffered the biggest blow, mainly affected by the price of fuel and gas.

Overall, the price of the basket of goods increased by 9.3%, with cooking oil being sold at 22.4% higher than last year, followed by the price of bread (15.8% higher), while milk, cheese, eggs, and sugar are 10% more expensive than last March.

Other sectors have also experienced a chain increase due to rising core production costs.

Prices at bars, restaurants, and hotels increased by 4.5% and entertainment by 3.5%.

The only sector that did not suffer from the price hikes is healthcare.

The Central Bank maintains a 3% target for Albania’s inflation level, as countries with developing economies should have an increase in demand which translates into rising prices.

Regardless of that, Albania’s inflation this year was mainly caused by external factors and rising commodity prices in the global market.

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