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Albania's CPI falls to 0.7 pct in December

Xinhua, January 9, 2015 Adjust font size:

The Consumer Price Index, a key gauge of inflation, was 0.7 percent in Albania in December, the lowest monthly level of 2014, Albanian Statistics Institute (INSTAT) said on Friday.

Compared with the figure in November 2014, the food and nonalcoholic beverage sector registered the highest increase of 2 percent. The prices in the transport sector registered the highest decline of 2.2 percent. In the transport sector, the price of diesel fell by 7.6 percent and petrol by 5.9 percent.

The decline in inflation indicates a weak economic growth and low consumption.

Experts say the decline in inflation is also influenced by the level of inflation in the eurozone, as about half of Albanian goods are imported.

The fiscal package, which predicts an increase in rates of excise duty for certain goods, will affect Albanian inflation rates set in 2015, experts say.

According to them, this will increase the price of the Basket of goods, keeping inflation at 2 to 4 percent set by the Bank of Albania.

Price decline or deflation is regarded as dangerous for the economy as high inflation. Falling prices due to declining consumption creates a negative chain effect on economic developments. Endit