{"id":57112,"date":"2023-07-11T11:23:43","date_gmt":"2023-07-11T09:23:43","guid":{"rendered":"https:\/\/euronews.al\/en\/?p=57112"},"modified":"2023-07-11T11:23:43","modified_gmt":"2023-07-11T09:23:43","slug":"inflation-eases-slightly-prices-decreasing-at-a-slower-pace-compared-to-europe","status":"publish","type":"post","link":"https:\/\/euronews.al\/en\/inflation-eases-slightly-prices-decreasing-at-a-slower-pace-compared-to-europe\/","title":{"rendered":"Inflation eases slightly, prices decreasing at a slower pace compared to Europe"},"content":{"rendered":"<p>Inflation eased slightly in June following the increase recorded in May. The Institute of Statistics (INSTAT) announced that the Consumer Price Index change in June was 4.5%, down from 4.7% in May and 4.6% in April.<\/p>\n<p>Despite the slight decrease in June, the trend of price contraction is much slower than in the eurozone. Earlier, Eurostat reported that inflation in the 20 eurozone countries dropped to 5.5% this month from 6.1% in May.<\/p>\n<p>The decrease in energy prices has \u201ccalmed\u201d inflation in the eurozone, while in Albania, it is decreasing at a slower pace due to the impact of food products, which, besides being expensive, also have a much higher share in the food budget (42%) compared to the European average of 13%.<\/p>\n<p>According to INSTAT, the annual price increase in June was primarily influenced by the \u201cFood and non-alcoholic beverages\u201d group with +3.63 percentage points.<\/p>\n<p>The Bank of Albania decided to keep the base rate unchanged at 3% in its latest meeting. The base rate is the key instrument used by the central bank to combat inflationary pressures.<\/p>\n<p>Bank Governor Gent Sejko stated that inflation has declined, mainly reflecting the decrease in imported inflation and the depreciation of the euro.<\/p>\n<p>However, he added that internal inflationary pressures remain high, reflecting the high demand for goods and services, tight labor market conditions, and rapid wage and labor cost increases.<\/p>\n<ul>\n<li><strong>Inflation<\/strong><\/li>\n<\/ul>\n<p>The Consumer Price Index in June 2023 reached 114.0 compared to December 2020.<\/p>\n<p>The annual change in the consumer price index in June 2023 is 4.5%, compared to 7.4% a year ago.<\/p>\n<p>The monthly change in the consumer price index in June 2023, compared to May 2023, is -0.3%.<\/p>\n<ul>\n<li><strong>The major groups\u2019 influence on the annual change in the consumer price index<\/strong><\/li>\n<\/ul>\n<p>The annual price increase in June was mainly influenced by the \u201cFood and non-alcoholic beverages\u201d group with +3.63 percentage points, followed by the \u201cFurniture, household appliances, and home maintenance\u201d group with +0.45 percentage points.<\/p>\n<p>Prices of the \u201cRent, water, fuels, and energy\u201d group increased by +0.40 percentage points. Prices of the \u201cRecreation and culture\u201d group increased by +0.24 percentage points.<\/p>\n<p>Prices of the \u201cHotels, cafes, and restaurants\u201d and \u201cMiscellaneous goods and services\u201d groups increased by +0.22 percentage points each. Prices of the \u201cAlcoholic beverages and tobacco\u201d group increased by +0.18 percentage points.<\/p>\n<p>Prices of the \u201cClothing and footwear\u201d group increased by +0.16 percentage points. Prices of the \u201cEducation services\u201d group increased by +0.06 percentage points. Prices of the \u201cHealth\u201d group increased by +0.05 percentage points. Prices of the \u201cCommunication\u201d group contributed +0.04 percentage points. Prices of the \u201cTransport\u201d group decreased by -1.13 percentage points.<\/p>\n<p><strong>Annual changes in major groups:<\/strong> Compared to June 2022, the largest price increases are observed in the \u201cFood and non-alcoholic beverages\u201d and \u201cRecreation and culture\u201d groups, both with 10.3%, followed by the \u201cFurniture, household appliances, and home maintenance\u201d group with 6.2%, \u201cHotels, cafes, and restaurants\u201d with 4.8%, \u201cClothing and footwear\u201d with 4.4%, \u201cMiscellaneous goods and services\u201d with 4%, \u201cAlcoholic beverages and tobacco\u201d with 3.7%, \u201cEducation services\u201d with 2.2%, \u201cRent, water, fuels, and energy\u201d with 2.1%, \u201cCommunication\u201d with 1.4%, and \u201cHealth\u201d with 1.2%.<\/p>\n<p>On the other hand, prices of the \u201cTransport\u201d group decreased by 16.2%. Within the food group, prices of the subgroup \u201cvegetables including potatoes\u201d increased by 26.1%, followed by subgroups \u201cmilk, cheese, and eggs\u201d with 14.4%, \u201cmeat\u201d with 10.9%, \u201cfruits\u201d with 9.6%, \u201cfish\u201d with 9%, \u201csugar, jam, honey, chocolate, and confectionery\u201d with 4.3%, \u201cbread and cereals\u201d with 4%, etc.<\/p>\n<p><strong>Monthly changes in major groups:<\/strong> Compared to May 2023, prices of the \u201cFood and non-alcoholic beverages\u201d group decreased by 1.2%, followed by prices of the \u201cTransport\u201d group with 0.3%.<\/p>\n<p>On the other hand, prices of the \u201cRecreation and culture\u201d group increased by 1.8%, followed by \u201cClothing and footwear\u201d with 0.4%, \u201cFurniture, household appliances, and home maintenance\u201d and \u201cHotels, cafes, and restaurants\u201d with 0.3% each, and \u201cMiscellaneous goods and services\u201d with 0.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation eased slightly in June following the increase recorded in May. The Institute of Statistics (INSTAT) announced that the Consumer Price Index change in June was 4.5%, down from 4.7% in May and 4.6% in April. Despite the slight decrease in June, the trend of price contraction is much slower than in the eurozone. Earlier, [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":53171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[153],"tags":[2748,823,1774,485,243,151,633],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation eases slightly, prices decreasing at a slower pace compared to Europe - Euronews Albania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/euronews.al\/en\/inflation-eases-slightly-prices-decreasing-at-a-slower-pace-compared-to-europe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation eases slightly, prices decreasing at a slower pace compared to Europe - Euronews Albania\" \/>\n<meta property=\"og:description\" content=\"Inflation eased slightly in June following the increase recorded in May. The Institute of Statistics (INSTAT) announced that the Consumer Price Index change in June was 4.5%, down from 4.7% in May and 4.6% in April. Despite the slight decrease in June, the trend of price contraction is much slower than in the eurozone. 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