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Shëndeti

The increase in prices in August becomes more aggressive, for meat, fish, dairy and vegetables

The increase in prices in August becomes more aggressive, for meat, fish, dairy

The prices of the basic basket items representing the basic food items in a household have increased rapidly this year especially after the war in Ukraine. For some items, the growth is also driven by internal factors.

INSTAT's data on the monthly change in prices show that, during August, there was a more aggressive increase in the prices of meat, fish, dairy and vegetables compared to July.

Dairy prices were 4.7 percent higher than in July 2022, while compared to August last year they were 22.3 percent higher. After dairy, the monthly increase in prices has been strong for meat, fish and greens products.

The price increase in these products in August was driven by two fundamental factors. The first is related to the reduction in the number of cattle and the lower production in the market, while the second reason is related to the high demand due to the increase in consumption. In August, millions of tourists and immigrants visit the country, influencing the growth of consumption in the main basket items. During this month there was a stronger increase in the prices of meat and fish.

As can be seen from the attached graph, the prices of oil and fats in August were 28.8% higher than in August of 2021, but compared to July of this year, they decreased by 1 percent.

The prices of bread and cereals have remained stable for three months, while it can be seen that in August there was an increase in the prices of vegetables by 4.7 compared to the month of July, as a result of increased demand from tourism and demand for export.

The main operators of the market announced that for the following period the increase in prices will be more visible for dairy and milk products. According to INSTAT data, in 2021 the number of cattle decreased, with 7.25 or 26 fewer cows than in 2020. In Albania, the number of animals that produce milk has halved during the decade. After the war in Ukraine, Europe is also facing a decrease in the number of cattle as a result of the increase in farm costs.

High prices have burdened the cost of living too much, Albania has 30 percent of the population in relative poverty living on five USD a day the highest level in the region (2021).

Nearly 30 percent of salaried employees who declare themselves in taxes have an income of 30 thousand ALL per month. Albania had the lowest labor productivity in the Region during 2014-2020, according to the World Bank.