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The increase in prices has continued throughout June, hitting citizens’ pockets even further.
Their strong tightening has caused inflation, according to the Institute of Statistics, to reach record levels, reaching 7.4% last month, from 6.7% in May, more than double the central bank’s target.
Costs have increased for all goods and services. For transportation and food items in particular, the increase in prices has been double-digit, groups for which Albanians spend most of their expenses, more than half of them for both together.
Within the food group, prices have been high, especially for dairy products, cereals and fruits and vegetables, which have become significantly more expensive this period.
Apart from them, it is now more expensive for Albanians to drink coffee or sit in restaurants, that is, to have fun, since the increase in prices has continued for this group throughout June, as well as for furnishing houses or buying clothes.
The wave of general price increase in the country has made citizens more pessimistic, reducing confidence in the economy during June as well as their expectations to spend and make large purchases this period, influenced by uncertainties and the general economic situation.
The acceleration of inflation led the Bank of Albania to intervene for the second time in a row within the year through monetary policy by increasing the base interest rate to 1.25% as a counter-response to inflation that looks set to remain high at least until the end of this year.
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