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“The price crisis in world markets is increasingly hitting the pockets of Albanian citizens. “Strong rise in prices, especially for food and fuel, has pushed inflation to 6.2% in April, the highest rate in two decades.”
Although the strongest impact on inflation was given by transport with an increase of 22.5% and basket goods, during April everything became more expensive, significantly increasing the cost of living, as for the same quantities of goods have paid much more than compared to a year before.
Within the group of foods that increased by 10% for which Albanians spend over 40% of their budgets, the largest increase in prices was observed in oil.
Currently, a liter of oil is sold for 381 ALL with the new decision of the transparency board, one of the most expensive products of the basic basket. Costs for the purchase of dairy products, meat and fruit and vegetables have further increased.
During April, the prices for house rents, energy and water increased rapidly, while the citizens also paid more money for their clothes.
Furnishing and furnishing homes is costing more and more, as the upward trend in prices continued throughout April for this group as a result of rising transportation and electricity costs.
The pressures coming from the war situation in Ukraine are making rising prices unaffordable for consumers and worrying is the fact that projections speak that they will continue to remain high for a long period, risking a contraction in consumption.
With this rate, inflation is 2 times higher than the Bank of Albania’s target of 3%, for which the institution itself predicts to return to normal at least in the first half of 2024.
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