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Eurostat figures: Food prices in Albania increased twice as much as inflation in February

Politiko 2023-03-17 19:46:16

Eurostat figures: Food prices in Albania increased twice as much as inflation in

Overall price growth in February was 6.8% higher than the same period last year, as measured by Eurostat's methodology.

According to today's INSTAT announcement, the annual change measured by the Harmonized Index of Consumer Prices in February 2023 is 6.8%, but according to national measurements in the same month, prices increased by 7.2%, as a result of different weights that have the groups of goods in the consumption basket.

According to the Eurostat methodology, the largest price increase of 11.8% is observed in the "Food and non-alcoholic beverages" group, followed by the "Furniture, household appliances and maintenance" groups with 7.3%, "Clothing and shoes" with 5, 5%, "Alcoholic beverages and tobacco" with 5.1%, "Hotels, cafes and restaurants" with 4.5%, "Transport" with 4.3%, "Miscellaneous goods and services" with 3.7%, "Rent, water, fuel and energy" with 3.5%, "Entertainment and culture" with 3.4%, "Educational service" with 2.9%, "Health" with 2.3% and "Communication" with 1.1%.

In February 2023, the monthly change measured by the Harmonized Index of Consumer Prices is 1.3%. This change was mainly influenced by the price increase of the group "Food and non-alcoholic beverages" by 3.9%, followed by the groups "Furniture, household appliances and maintenance" by 0.9%, "Alcoholic beverages and tobacco" by 0.6 %, "Miscellaneous goods and services" with 0.3%, "Entertainment and culture" with 0.2%, "Rent, water, fuel and energy" and "Health" with 0.1% each.

The data show that Albania is among the European countries with the lowest price increase. In February, the average inflation in the EU was 9.9%, while in Albania, 6.8%.

The countries with the lowest price increase were Switzerland, Luxembourg, Belgium, Spain, Greece, with an increase of 2-6.2% and on the other hand, the biggest price increase was in Hungary with 26%, Latvia with 20%, the Czech Republic and Estonia over 18%.

The Consumer Price Index (CPI) and the Harmonized Index of Consumer Prices (CPI) are designed to measure the change in the average level of prices paid for the consumption of goods and services by all private households, collectives and tourist expenditures in Albania. CPI and HIPC are used as measures of consumer inflation.

The CPI is the official measure of inflation in Albania, while it is used to monitor the movement of retail prices in European countries, comparing the percentage of inflation between countries.

The CPI basket contains 331 products and the CPI contains 329 products. The CPI basket covers only the expenses of private Albanian families incurred inside and outside the territory of the country.

IHÇK covers all expenses incurred within the territory of the country by Albanian families, including private, collective families and the expenses of tourists in Albania. Monitor 

 

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