INSTAT: Average inflation hit 16-year low of 1.3% in 2016

TIRANA, Jan. 9 – Albania’s annual average inflation rate hit a 16-year low of 1.3 percent in 2016, reflecting a slump in global oil and food prices, but also sluggish domestic consumption as the economy is estimated to have grown by slightly above 3 percent, mainly thanks to major energy-related investment. Prices of food and non-alcoholic beverages, the key item in the consumer basket, rose by a mere 3.2 percent while oil prices were down by 5 percent in 2016, according to state statistical institute, INSTAT. The monthly inflation rate registered its highest rate only last December when it hit…