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Albania Inflation Slumps in December
Tirana, Jan. 8, 2008 (AE) –Albania’s consumer price index, CPI, stood at 2.2 per cent in December 2008, one of the lowest yearly inflation in years,the National Statistical Institute INSTAT said on Thursday in a press release.
Rising food prices were offset by shrinking prices of fuel, INSTAT explained.
In April 2008, CPI peaked at 4.6 per cent with food prices reaching a yearly increase of 9.6 per cent, as a result the global commodities crisis that saw record high in foodstuff and energy, but eased steadily after June.
In December alone, fuel prices decreased by 12 per cent, while foodstuffs increased by 0.9 per cent. The increase in foodstuff prices reflects a seasonal fluctuation.
The IMF and teh Bank of Albania predict low inflation for 2009 as the result of the effect of the global financial crisis that brought a sharp decline in commodity prices. However, government’s aim to increase salaries before general elections can also fuel inflation, warns Bank of Albania.
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