Inflation reached 6.2% in April; 3 times higher than BSH objective

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The rise of consumer prices resulted in higher inflation for April 2022, reaching 6.2%, compared to 1.9% a year ago, reports INSTAT.

This is a rise of 0.7% compared to March 2022.

According to INSTAT, the rise in inflation for the month of April has been mainly affected by “food and alcoholic beverages” which increased by +3.56 percentage points, followed by ‘transport’ with +1.23 percentage points.

Prices for the group ‘rent, water, fuel, and energy’ were +0.49 percentage points.

Prices for the group ‘alcoholic beverages and tobacco’ and ‘Hotels, bars and restaurants’ with +0.21 percentage points.

Prices for the group ‘Furniture, household appliances, and home maintenance’ contributed to +0.20 percentage points.

Prices for the group ‘Entertainment and culture’ with +0.12 percentage points, followed by the group ‘Clothes and shoes’ and ‘Goods and various services’ with +0.05 percentage points each.

Prices for group ‘Communication’ with +0.03 percentage points and prices of groups ‘health’ and ‘education services’ with +0.02 percentage points each.

The objective of the Bank of Albania was to keep inflation at a steady 3%.

However, the Governor of the Bank of Albania, Gent Sejko, warned a few days ago that the rise in inflation was a direct result of the war in Ukraine and the subsequent rise in prices.

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