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The prices of vegetables, dairy products and meat are increasing

The prices of vegetables, dairy products and meat are increasing

Albanian families spend about 42% of their monthly expenses on food, a figure that is the highest in Europe and much more than the European Union average of 13%.

As a result, the increase in the price of food weighs much more on the budget of an Albanian family than on that of a family in the countries of the European Union, or in the region.

INSTAT data show that many foods continued to grow at double-digit rates even in May.

The highest tightening was for vegetables, including potatoes, which were 18.3% more expensive in May, compared to the same period a year ago. Potatoes and onions, two basic products in Albanian cuisine, are being sold at an average price of 25% higher this season. The market has regular shortages in supplies and as a result the price fluctuates from day to day with an upward trend.

The increase in the prices of milk and its by-products, which have become more expensive than in many other European countries, has not stopped either.

Milk, cheese and eggs group prices increased by 14.3% year-on-year in May. The representatives of the industry have constantly complained about the increase in costs and the decrease in domestic production due to the decrease in livestock, influenced by immigration to rural areas.

The tightening of dairy products is paving the way for imports, which increased by 28% for the first 4 months.

Meat is also more expensive (+12.1), again influenced by the decline of livestock. In cafes and restaurants, we have to pay an average of 5% more. Even household appliances are more expensive, especially furniture, washing machines

Only diesel is cheaper, which has dropped to less than 180 lek per liter, from 230-240 lek that peaked in May of a year ago. The indicator of services of personal means of transport recorded the strongest decline of 16.1%.

After six months in a row, when it showed signs of slowing down, price growth accelerated again in May, against the expectations of the Bank of Albania that the indicator would have a gradual decrease throughout this year.

INSTAT announced that the annual change of the consumer price index in the month of May 2023 is 4.7%. Since October 2022, when inflation reached 8.3%, the highest level since 1998, the indicator had decreased steadily until in April, when it dropped to 4.6%, to return to a slight increase in May./Monitor

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