Inflation on the rise as prices for food, water and clothing grow: INSTAT
Inflation rose during February, passing the bottom interval of the Bank of Albania’s target for the first time since mid-last year.
According to INSTAT data, for February, inflation was 2.1%, from 1.7% in January.
Food prices accelerated growth rates in February and inflation in this group reached 2.7%, from 2.2% in January.
Instat reports that within foodstuffs, price increases were mainly attributable to fruits and less to vegetables.
Meanwhile, a significant impact on inflation during the first months of this year was given by the group “lease, water, fuel, energy”.
For February, the inflation rate of this group was 3.1%, significantly higher compared to the previous year.
It is believed that this increase is particularly related to the increase in drinking water prices in Tirana and some other municipalities in the country.
Meanwhile, there was an increase in inflation for the clothing and footwear group, which in February reached 2.9%.
Such a high rate of price increase for this group was not recorded since years.
The consumer price performance had an upward shock in the beginning of last year, which was due in particular to the particularly cold winter, which mainly affected the price performance of agricultural products.
This year, growth appears to be more widespread in several groups, suggesting that perhaps the basics for a steady inflation growth are in place.
The Bank of Albania expects inflation for 2018 to rise further from the 2% level of 2017, while the forecasts are that the 3% target will be reached in the first half of 2019.
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