In a press conference, Finance Minister said that inflation rose 3.9% year-on-year in the first quarter, but Albania’s inflation rate is lower than in other countries in the region.

“Inflation is lower compared to other countries in the region. The reason is simple, because the countries in the region have been affected by the supply crisis earlier. Given that the crisis has been accelerated, demand has caused prices to rise and supply has been lower. But prices in Albania have been more controlled, as energy prices have been controlled. The rise in food prices has been a matter of concern. We expect inflation to keep increasing in the coming months. The inflation is expected to hit a rate of 4.5%. We have reviewed the state budget and we were forced to cut public investments so that we can fund the social resistance package,” Ibrahimaj said.

Finance Minister announced that a recently established board on price transparency, comprising government officials, wholesalers, retailers and representatives of food supply businesses, will set today price caps for four basic food items, namely flour, rice, cooking oil and sugar.

/j.p/u.sh/