Inflation in Albania showed a slight decline in July this year, dropping to 4.2%, the lowest level since March 2022 when it began surging due to the fallout from Russia\u2019s attacks on Ukraine. The inflation rate peaked at 8.3% in October 2022 and has gradually decreased since, largely influenced by a decrease in fuel prices.<\/p>\n
However, despite the overall slowdown, the cost of food, which constitutes a significant portion of Albanian families\u2019 budgets, continues to rise, contributing significantly to inflation. Food prices have increased by 9% compared to last July, with vegetables and potatoes leading the surge at a staggering 21.6% increase, followed by milk and eggs at 13.6%. Additionally, entertainment costs have risen by 9.5%, potentially influenced by the influx of tourists.<\/p>\n
The National Institute of Statistics (INSTAT) reported that the annual change in the consumer price index in July 2023 is 4.2%, a notable drop from 7.5% recorded a year ago. Moreover, the monthly change in the consumer price index in July 2023, compared to June 2023, is -0.1%.<\/p>\n
The increase in prices in July was predominantly driven by the \u201cFood and non-alcoholic beverages\u201d group, contributing +3.20 percentage points, followed by the \u201cFurniture, household appliances, and household maintenance\u201d group with +0.44 percentage points. The \u201cRent, water, fuel, and energy\u201d group saw an increase of +0.26 percentage points, and the \u201cHotels, cafes, and restaurants\u201d group experienced a +0.23 percentage point rise. The \u201cRecreation and culture\u201d group recorded an increase of +0.22 percentage points, while the \u201cMiscellaneous goods and services\u201d group witnessed a +0.21 percentage point increase. The \u201cAlcoholic beverages and tobacco\u201d group also saw a +0.19 percentage point rise. Furthermore, the \u201cClothing and footwear\u201d group experienced an increase of +0.16 percentage points, while the \u201cEducation services\u201d group recorded a +0.06 percentage point rise. Lastly, the \u201cHealth\u201d group saw a +0.05 percentage point increase, and the \u201cCommunication\u201d group contributed +0.04 percentage points. In contrast, the \u201cTransport\u201d group experienced a decrease of -0.84 percentage points.<\/p>\n
Comparing prices to July 2022, the most significant price increase is in the \u201cRecreation and culture\u201d group, rising by 9.5%, followed by the \u201cFood and non-alcoholic beverages\u201d group at 9.0%. The \u201cFurniture, household appliances, and household maintenance\u201d group recorded a 6.0% increase, while the \u201cHotels, cafes, and restaurants\u201d group saw a rise of 5.0%. The \u201cClothing and footwear\u201d group experienced a 4.3% increase, and the \u201cAlcoholic beverages and tobacco\u201d group saw prices rise by 3.8%. The \u201cMiscellaneous goods and services\u201d group witnessed a 3.7% increase, and \u201cEducation services\u201d recorded a 2.0% rise. The \u201cRent, water, fuel, and energy\u201d group experienced a 1.3% increase, while the \u201cCommunication\u201d group saw a rise of 1.2%, and the \u201cHealth\u201d group experienced a 1.1% increase. In contrast, the \u201cTransport\u201d group had a significant decrease of 12.4%.<\/p>\n
Within the food group, prices for the subgroup \u201cvegetables, including potatoes\u201d, increased by 21.6%, followed by \u201cmilk, cheese, and eggs\u201d at 13.8%, and \u201cmeat\u201d at 11.2%. Other notable increases include \u201cfruits\u201d at 7.0%, \u201cfish\u201d at 6.1%, \u201csugar, jam, honey, chocolate, and confectionery\u201d at 3.6%, and \u201cbread and cereals\u201d at 2.9%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Inflation in Albania showed a slight decline in July this year, dropping to 4.2%, the lowest level since March 2022 when it began surging due to the fallout from Russia\u2019s attacks on Ukraine. The inflation rate peaked at 8.3% in October 2022 and has gradually decreased since, largely influenced by a decrease in fuel prices. […]<\/p>\n","protected":false},"author":24,"featured_media":57787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[153],"tags":[270,823,2348,485,550,243,151,633],"acf":[],"yoast_head":"\n