A month of war in the Middle East in Albania has translated into an immediate increase in the price of some products.
Inflation in the past month reached its highest level since February 2024. INSTAT reports that in March prices increased by 2.6% compared to last year, or about 0.7% more than in February, when the war in Iran had not started.
The increase in inflation came mainly from the transportation group, where fuel has the greatest impact. This group has become more expensive by 7.5%, the report says, which is the highest figure recorded since December 2022, when the world was still under the pressure of increased inflation from the war in Ukraine.
Within this group, the largest contribution to the increase in prices was made by fuels, which increased in price by 9.5%, the strongest increase since December 2022. Before the war began, the price of oil ranged from 173-175 lek per liter and gasoline up to 176 lek per liter. While March closed under the Transparency Board regime with prices of 218 lek per liter for oil and 181 lek for gasoline, and oil is currently being traded at 224 lek.
After the transportation group, rents and electricity have the highest price increases with 4.8% compared to the previous year. In this category, the price increase is led by rent prices, which in March were 7.3% higher than the previous year.
Meanwhile, according to this report, food costs increased by 1.3% compared to the previous year, this is because the price increase in some food products began after March 20, and peaked in the first days of April, where, for example, tomatoes are considered a 'luxury' product after their price reached 400 lek/kg.
A few days ago, the Bank of Albania stated that the economy is experiencing a new reality, and that the prolongation or escalation of the conflict in the Middle East would bring serious consequences for our economy./ Report Tv
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