Inflation rises to 2.4% for June: INSTAT

Inflation finally showed signs of growth in June, reaching 2.4%, from 2.1% in May.

According to Instat figures, this is the highest inflation rate registered since January last year.

In that period, growth came mainly due to an unusual cold wave that caused an increase in prices of agricultural products.

Meanwhile, the growth of June has a more stable base and is spread across several groups.

In addition to a rise in prices in the food group, rents, fuel prices and clothing prices had a significant impact on the result of June.

Within the food group, the highest growth came to the vegetable subgroup, while the increase was recorded in fish and oil.

Growth in fuel prices has increased the “transport” inflation by 1 percentage point, to 3.1%.

The sluggish inflation move towards the 3% target forced the Bank of Albania to lower the key interest rate last month, at a new historic minimum of 1%.

The appreciation of ALL is cushioning foreign inflationary pressures in the economy, and that is why, at the same time, the central bank launched euro buying operations in the foreign exchange market.

This intervention has stabilized the Euro-Lek rate near the 126 ALL level.

In its latest forecast, the Bank of Albania expects inflation to return to the 3% target by 2020.

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