December confirms 2024 inflation / Prices rose by 2.2%, but less positive signals come from food
During the last month of last year, inflation followed the upward trend, rising to 2.1%, from 2% in November and 1.9% in October of the same year, signal the latest figures from the Institute of Statistics. The average annual increase in prices in 2024 is 2.2% from 4.8% in 2023, remaining close to the objectives of the Central Bank.
We remind you that the downward trajectory of inflation has started since November 2022, when it came down to 7.9%, after a long series of increasing months, and with the peak reached during October of the same year, of 8.3%. Meanwhile, since 2022, the lowest rate of price increase has been estimated in September and October of 2024. During December of 2024, meanwhile, inflation was recorded higher, which signals that the end of the year has been more expensive for Albanian families. , despite softening price growth trends.
The main contribution to the increase in prices throughout December was made by "food and non-alcoholic beverages", with 1.03 percentage points. Even subgroups such as household appliances, transport, alcoholic beverages and tobacco, cafes and restaurants, clothing, education, health, communication and entertainment have made a positive contribution to the inflation rate during the last month of last year, while transport has had a negative impact .
Compared to the month of December 2023, the biggest increase in prices is observed in the group "Entertainment and culture" with 5.6%, followed by the groups "Furniture, home appliances and home maintenance" with 4.2%, "Alcoholic beverages and tobacco" and "Clothing and shoes" with 3.8% each and "Food and non-alcoholic beverages" with 3.0%. On the other hand, prices for the "Hotels, cafes and restaurants" group increased by 1.8%, "Various goods and services" by 1.5%, "Communication" by 1.2%, "Health" by 1.1%, "Rent, water, fuel and energy" with 0.9% and "Educational service" with 0.8%. On the other hand, the prices of the "Transporti" group decreased by 2.8%.
Within the food group, the prices of the subgroup "vegetables including potatoes" increased by 4.7%, followed by the subgroups "meat" by 4.3%, "fish" and "milk, cheese and eggs" by 3.5% each, "sugar, jam, honey, chocolate and sweets" with 1.6%, etc.
Although inflation has been stable throughout 2024, what stands out is the high rate of increase in food prices, specifically in the group of vegetables and potatoes.
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