Some 42% of Albanian households monthly expenditure goes on food and drink, well over the European average of 13%, according to data from INSTAT.
The average family with 3.6 people spends 83,400 ALL (EUR 678) a month on all expenditures including food, drink, electricity and water, internet, rent, clothing, health, mobile packages, and entertainment. Almost EUR 300 of this goes on food and beverages, higher than any other country.
But as inflation on food items has seen prices rise around 6% in February 2022 with it expected to be higher still in March, the average family will have spent even more. This rise in prices means families are spending an additional 2000 ALL (EUR 16) every month on feeding themselves.
For the 769,000 families in the country, according to INSTAT data, this will equate to EUR 13 million more being spent during March alone.
The price of food items rose sharply in March following Russia’s invasion of Ukraine. This led to shortages of grain as well as insecurity around oil and fuel, leading to increased prices across the board. Some items are being sold at a rate of 20% higher in March than in February.
Albania, one of the poorest countries in Europe is also paying the highest price for bread and cereals in relation to their income in the region.
According to Eurostat, Albania’s nominal expenditure for cereals is 4.8% of the GDP, higher than Romania with 4% and Montenegro with 3.9%. The average Albanian spends some EUR 220 a year on bread and cereals, the highest in the region.
