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Albania, among the countries with the highest increase in the price of bread in Europe

2022-09-20 08:33:26Biznes SHKRUAR NGA REDAKSIA VOX

Albania, among the countries with the highest increase in the price of bread in

Albania ranks among the countries facing a high increase in bread prices in Europe, surpassing the average of the European Union.

According to INSTAT, the consumer price index for August 2022 for bread and cereals was 20.4%, that is, bread prices have increased by one fifth. This is the biggest increase since 2008, when the increase was 35%.

While Eurostat has reported the data on the price increase of this vital product in the countries of the European Union. According to Eurostat, Bread, vegetables, meat - have become more expensive. Prices for cooking oils and fats have risen particularly sharply, but important staples such as bread have also become significantly more expensive.
This has been particularly the case due to the Russian invasion of Ukraine, which has significantly disturbed global markets as Russia and Ukraine have been major exporters of cereals, wheat, corn, oilseeds (especially sunflower) and fertilizers.

In August 2022, the price of bread in the EU was on average 18% higher than in August 2021. This is a large increase compared to August 2021, when the price of bread was on average 3% higher than in August 2020. Data monthly also show a significant increase in total inflation, but not so high (from +3% to +10%).

Some countries were much more affected than others. The highest average rate of change in bread prices was recorded in Hungary (+66% in August 2022), followed by Lithuania (+33%), Estonia and Slovakia (both +32%).

Meanwhile, the lowest average rate of change in bread prices was recorded in France (+8% in August 2022), the Netherlands and Luxembourg (both +10%).

Albania is ranked 12th in Europe for the high rate of rising bread prices. Our country has the highest consumption of bread in Europe, an indicator of the poverty of the population, which has cereals as its basic food. (Eurostat), nominal expenditure on bread and cereals, as a percentage of Gross Domestic Product (GDP - which measures the value of final goods and services produced by the economy in a year) was 4.8%, in 2020, the highest in Europe .

The average of candidate and potential candidate countries (excluding Turkey and Kosovo) is 3% of GDP, much higher than the average of 1.3% of the 27 countries of the European Union.

In absolute value, the average expenditure per inhabitant on bread and cereals is 220 euros per year, the highest in the region, together with Montenegro (266 euros). Macedonia has the lowest level in the region (157 euros) followed by Serbia (164 euros). Developed countries spend more per capita on this product, as it is more expensive, but due to high incomes, it does not burden their pockets./monitor


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