Inflation rate reached 6.7% in month of May, continues the rising of food and energy prices

08/06/2022 21:19

The increase of prices in Albania continued in May when inflation is estimated to have reached 6.7%, the highest level in the last 20 years. The main product groups affected by inflation this month were foods followed by transport, rental prices, fuels and energy.

Energy costs have increased for businesses while in May the price reached 32 ALL per kw / h, 3 times higher than a year ago, while the price of energy for businesses has increased by 60%.

Fuels also continue to increase, while the latest decision of the government Board has sent today the price of oil to the historic level of 258 lek per liter. The Bank of Albania has raised the key interest rate to fight inflation, but this measure is still not showing signs of slowing it down.

High inflation is giving the first signs of a slowdown in consumption in the country, as shown by customs figures, where in April and May less oil was imported.

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