Inflation at 4.4% INSTAT confirms

TIRANA, Oct.9- The National Institute of Statistics has released September’s figures for prices, revealing that the seasonal character of inflation is proving false. The trend of increasing prices, especially in the food sector, has been consistent and now inflation is at 4.4 percent. Last year at the same time, inflation was only 2.6 percent. This month’s figure is the highest inflation has been at in the last three years. In the end of September, trying to keep inflation under control, the central bank of Albania decided to increase by 25 points the base interest rate, bringing it to six percent. Experts are skeptical, however, that the measure will work, given that the overwhelming crediting throughout the country is done through foreign exchange.
Prices
According to INSTAT, the largest price increase, at 2.1 percent, has been observed in the category “food and beverages. Within this group, vegetables have recorded an unprecedented spike of 6.2 percent, given that it is the end of the season. Dairy products as well have increased in their cost with egg prices up 5.5 percent, cheese 5.2 percent and milk 2.8 percent. All these products are part of the daily consumed goods of Albanian households.
Grain products, including all-important bread, have also increased in their cost by 3.2 percent, oils and fats by 2.6 percent and meat by 0.2 percent. Only fruits seem to be constant. The fuel category has experienced an inflation of 1.5 percent, which is believed by many experts to be the reason behind all other price changes.