site.btaInflation on the Balkans

Since the beginning of this year, Balkan countries have seen a serious rise in prices in many areas. Inflation is due to both the economic crisis exacerbated by the covid pandemic and Russia's invasion of Ukraine, which has led to a sharp rise in the prices of a number of products, including gas, petrol, grain and oil.

TURKEY

Inflation in Turkey has reached unprecedented levels in recent years, with the Turkish Statistical Institute announcing inflation of 61.14%, the highest annual figure in 20 years. According to unofficial data, however, inflation in the country was over 100%. At the end of last year, protests began against rising prices and deteriorating living standards of Turkish citizens. In practice, the prices of many goods are increasing every day. Inflation in March rose by 5.46% compared to the previous month. In March, the largest increases were in the transport sector - by 99.12%, and in food prices - by 70.33%.

ROMANIA

The National Statistical Institute of Romania announced a record annual inflation in March 2022. The data show that inflation in March 2022 reached 10.15% compared to the same month in 2021. In February, annual inflation was 8.53%. Non-food prices rose by 10.86%, food prices by 11.20% and services prices by 6.53%. Consumer prices in March increased by 1.9% compared to February. Inflation since the beginning of the year (March 2022 compared to December 2021) is 4%. Natural gas, fuels, potatoes, and oil have appreciated the most over the last year.

SERBIA

Inflation in Serbia increased by 0.8% in March compared to the previous month, reaching 9.1% on an annual basis. The Serbian government has passed an ordinance to limit the prices of some basic foodstuffs and fuels, which keeps prices under control, but this has led to the disappearance of some goods, such as oil from small-town shops.

NORTH MACEDONIA

A record annual inflation rate of 8.8% was reported in North Macedonia in March. Milk has risen in price by 60% in recent months, and butter and oil by 100%. On April 19, fuel prices rose once again, with gasoline prices rising by 1.5 denars per litre, and diesel by 2.5 denars per litre. A kilo of lamb currently costs from 500 denars (about EUR 8) to 700 denars, fresh potatoes sell at 55 to 70 denars per kilogram, tomatoes 220 to 260 denars, cucumbers 85 to 130 denars per kilogram.

GREECE

Greece has the highest inflation rate in 25 years. According to the Greek national statistical service, inflation in March was 8.9%. A month earlier it was 7.2%. Electricity prices rose by 79.3% and natural gas prices by 68.3%. The largest increase was in the prices of oil and olive oil - by 19.9%, followed by fruits and vegetables - 13.6%, dairy products and eggs - 8.4% and bread and pasta - 7.6%.

CYPRUS 

In Cyprus, inflation reached 7.1% in March. For the period January-March 2022, inflation was 6.4%. The increase in the price of electricity is by 31.9%, and in the case of petroleum products - by 27.3%. Inflation on the Mediterranean island has already surpassed its record highs in 2008, according to the National Statistics Office.

MONTENEGRO

Consumer prices rose by 6.7% in February and by 9.7% in March on an annual basis, according to the Montenegrin statistical office. This is the highest annual inflation rate since July 2008. The biggest increases are in bread and cereals (34%), fuels and oils for personal transport (34.6%), oil and butter (32.2%), vegetables (27.5%), solid fuels (15,9%), milk, cheese, and eggs (14.6%). According to a bulletin by Montenegro's Ministry of Capital Investments, petrol and diesel prices are among the highest in the region.

CROATIA 

Consumer prices in Croatia rose by 7.3% year-on-year in March, according to the Croatian Statistical Office. This is the highest inflation rate since the summer of 2008. Compared to February this year, inflation rose by an average of 2.1%. Food prices, including non-alcoholic beverages, increased by 10.3% on an annual basis, contributing the most to the annual growth rate of the consumer price index. As expected, transport has risen the most - by 14.4%, primarily due to fuel prices.

SLOVENIA

In Slovenia, consumer prices rose by 6.9% in February and by 5.4% in March, year on year. On a monthly basis, consumer prices fell by 1.1% after rising by 1.4% in February. The monthly deflation is mainly due to the fall in electricity prices by 38.9% on a monthly basis as a result of the temporary state regulation in March to prevent a sharp rise in prices. The overall increase is mainly due to the jump in the value of petroleum products, according to the Slovenian Statistical Institute. Gasoline rose by 30.3% and diesel by 29.5%.

ALBANIA

Inflation in Albania rose to 3.90% in February and 5.70% in March, year on year, according to data from the Albanian Statistical Institute. The data show that this is the highest inflation since April 2021 so far. The country has seen a sharp rise in prices because of the war in Ukraine, but since the autumn of 2021, Albania has seen rising energy and food prices amid rising prices on international markets. Compared to March 2021, in the category of food products, oil and fats have risen the most - by 22.4%. Bread and cereals have risen in price by 15.8% on an annual basis. Vegetables increased their price by 10.5%, dairy products - by 10.3%, and sugar, honey, jams, chocolate, and other sweet products - by 10.2%. Meat has risen in price by 7.1%.

KOSOVO

Consumer prices in Kosovo jumped 10% in March 2022 on an annual basis after a 7.5% increase in February. This is the highest inflation since May 2011, with significant price increases in food and non-alcoholic beverages (13%), transport (17.5%), furniture and household furnishings (4.3%), housing and utilities (15.7%). On a monthly basis, prices increased by 2.7% after a 1.1% increase in the previous month. Compared to the previous month, electricity bills increased the most - 13%, followed by gas bills - 11.4%.