Inflation index dropped to 2% in July 2017: INSTAT

Inflation for July dropped slightly to 2%, from June’s level of 2.2%.

According to data from the Institute of Statistics, in recent months inflation is emerging stable at the lower limit of the Bank of Albania target.

However, compared to the previous year, inflation appears to be on the rise, compared to July 2016, when it was 1.9%.

Compared with July 2016, the largest increase in prices was observed in the group “food and non-alcoholic beverages” by 4.7%, followed by “miscellaneous goods and services” by 3.4%, “rents, water, fuels and power” by 1.1%, “alcoholic beverages and tobacco” and “educational services” by 0.7% each, “communication” by 0.6%, “transport” by 0.4% and so on.

Within the group of foods, the prices of “vegetables including potatoes” subgroup increased by 13.7%, followed by “fruit” subgroup with 11.2%, “fish” by 4.3%, “milk, cheese and eggs” by 4.1%, “sugar, confectionery and cakes” by 3.1%, etc.

On the other hand, the prices of the subgroup “vegetable oils and fats” decreased by 3.0%.

The biggest annual decrease in prices is reported in the “clothing and footwear” group by 1.7%, followed by “entertainment and culture” and “furniture, home appliances and maintenance” groups by 0.1% each.

The Bank of Albania expects inflation for this year to be 2.3%, rising significantly from the 1.3% recorded last year.

The gradual growth of inflation is supported by the recovery of domestic demand, but also by improvements in the external economic environment, followed by higher raw material prices and rising inflation.

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