Price competition, how does our country rank? In 2024, inflation in Albania was as high as in Europe
The Harmonized Index of Consumer Prices, which measures price increases according to the methodology of the 'European Statistical Agency', in December 2024 is recorded at 2.4%. From the data, we recall that inflation for the same month of this year according to the methodology of 'INSTAT' is 2.1%. In both cases, inflation is calculated by the same institution, but there are small differences due to the weight given to each group in the inflation rate. Even in the case of measurement according to the European method, we see that prices in the last month of the year are higher than a month earlier, this as a result of the impact of the holidays. Meanwhile, the data show that inflation for 2024, according to EUROSTAT measurement, is estimated at 2.6%, from 2.2% which are the estimates of the "Institute of Statistics".
Compared to other European countries, Albania ranks far below the European Union average. This is also confirmed by the figures for this indicator for December, which show that the average price increase in Europe for the same month is recorded at 2.7%.
Meanwhile, on the other hand, the countries with the highest price rate in Europe during December 2024 are North Macedonia with 5.7%, Romania with 5.5%, Hungary with 4.8%, Croatia and Serbia with 4.5% each and Belgium with 4.4%. So, at the regional level, Kosovo is better than Albania with a price increase rate of up to 1.1%, while in Montenegro inflation is estimated at 2.6%. The data shows that in most of the countries analyzed we have an increase in the inflation rate during December of last year.
If we analyze inflation in European countries for the entire year 2024, the data shows that the average for the European Union is recorded at 2.6%. So, we can say that last year prices in Albania increased at the same rate as in the countries of the union.
Meanwhile, among the countries analyzed, the highest inflation for 2024 is recorded in countries such as Romania with 5.9%, followed by Serbia with 4.8%, Iceland with 4.5%, Belgium and North Macedonia with 4.3% each. The price increase rate in Montenegro for 2024 is estimated at 3.7%, while in Kosovo around 1.6%.
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