From: Exit Staff
Albanian Government Announces EUR 100 Million Social Assistance Package

The Albanian government has pledged some EUR 100 million to help relieve people from rising inflation, as per an announcement on Tuesday (9 August).

The package is part of the revised budget for this year and is the second review within the year.

But the amount pledged by the government is just a quarter of the extra amount that ended up in state coffers due to increased prices and taxes during 2022.

According to INSTAT, inflation in July reached 7.5%, from 7.4% the previous month. The increase in prices was mostly influenced by food and alcoholic beverages as well as fuel.

The current rate of inflation is more than twice higher than the Bank of Albania’s target of 3%.

The Bank of Albania, which has as its main objective the preservation of price stability, since March of this year has increased the base rate in the economy three times, going from the historical minimum of 0.5% to 1.75% at the beginning of August, in an effort to curb the rise of inflation.

No further information on the groups and categories that will benefit from the package and the corresponding amounts have been given so far.