{"id":18372,"date":"2024-04-11T11:55:31","date_gmt":"2024-04-11T09:55:31","guid":{"rendered":"https:\/\/altax.al\/?p=18372"},"modified":"2024-04-27T12:02:07","modified_gmt":"2024-04-27T10:02:07","slug":"food-inflation-continued-to-fall-for-the-15th-consecutive-month-in-oecd-countries","status":"publish","type":"post","link":"https:\/\/altax.al\/en\/food-inflation-continued-to-fall-for-the-15th-consecutive-month-in-oecd-countries\/","title":{"rendered":"Food inflation continued to fall for the 15th consecutive month in OECD countries"},"content":{"rendered":"

Food inflation continued to decline for the 15th consecutive month, reaching 5.3% in February from 6.3% in January.<\/p>\n

OECD<\/a> food inflation was lower than headline inflation for the first time since November 2021.<\/p>\n

Year-on-year inflation in the OECD, as measured by the Consumer Price Index (CPI) was stable, falling to 5.7% in February 2024, fluctuating around 6.0% since May 2023. Headline inflation fell in three quarters of OECD countries, with the largest monthly declines recorded in Poland and Sweden and the largest increases in Turkey. Headline inflation was below 2.0% in seven OECD countries and remained negative in Costa Rica.<\/p>\n

Food inflation continued to fall for the 15th consecutive month, reaching 5.3% in February after 6.3% in January and rising in only four OECD countries. OECD food inflation was lower than headline inflation for the first time since November 2021. OECD energy inflation rose but remained moderately negative at minus 0.5% in February despite strong inflation of energy in Turkey and Colombia. OECD core inflation (inflation less food and energy) continued to decline, but remained high at 6.4%, reflecting stable service prices.<\/p>\n

Year-on-year inflation was also steady in the G7 at 2.9% in February, its lowest level since April 2021. It rose in Japan, reflecting a base effect, as energy prices had fallen sharply in February 2023 with the introduction of energy subsidies. In contrast, the United Kingdom and Germany recorded the strongest declines in headline inflation in February 2024. Core inflation was the main contributor to headline inflation in most G7 countries.<\/p>\n

In the eurozone, year-on-year inflation as measured by the Harmonized Index of Consumer Prices (HICP) fell to 2.6% in February, compared to 2.8% in January. The decline in food inflation was about twice that of the OECD, while core inflation fell at a pace similar to that of the OECD. In March 2024, Eurostat’s flash estimate pointed to a further decline in euro area headline (to 2.4%) and core inflation (to 2.9% after 3.1% in February), with a slower decline in food prices energy.<\/p>\n

In the G20, year-on-year inflation rose to 6.9% in February compared to 6.4% in January, reaching the highest level since March 2023. This increase was partly driven by a rise in headline inflation in China, which turned positive for the first time since August 2023. Headline inflation also rose in Saudi Arabia and Indonesia and jumped further in Argentina (Table 2). It was widely stable in Brazil and South Africa.<\/p>\n

Meanwhile, the price trend in the Western Balkans is on the decline, where Albania has been below the 3% level for two months now, but not food inflation.<\/p>\n

In Albania<\/a>,<\/em> the annual change in the consumer price index in March 2024 is 2.3%.<\/p>\n

The annual increase in prices in the month of March was mainly influenced by the group “Food and non-alcoholic beverages” with +0.70 percentage points, followed by the group “Rent, water, fuel and energy” with +0.45 percentage points.<\/p>\n

Also, the prices of the group “Furniture, home appliances and home maintenance” were affected by +0.31 percentage points, the prices of the group “Miscellaneous goods and services” by +0.18 percentage points, the prices of the groups “Alcoholic beverages and tobacco” \u201d and \u201cHotels, cafes and restaurants\u201d with +0.16 percentage points, the prices of the \u201cClothing and shoes\u201d group with +0.12 percentage points, the prices of the \u201cEntertainment and culture\u201d group with +0.09 percentage points, the prices of the “Health” and “Educational service” groups with +0.07 percentage points and the prices of the “Communication” group with +0.01 percentage points. The prices of the “Transport” group contributed with -0.02 percentage points.<\/p>\n

Compared to February 2024, the prices of the group “Food and non-alcoholic beverages” increased by 1.0%, followed by the groups “Entertainment and culture” by 0.4%, “Transport” by 0.3%, “Alcoholic beverages and tobacco” with 0.2%, “Rent, water, fuel and energy”, “Furniture, home appliances and home maintenance”, “Hotels, cafes and restaurants” and “Miscellaneous goods and services” with 0.1% each.<\/p>\n

North Macedonia<\/em><\/a>‘s annual inflation rate rose to 4% in March 2024, reaching its highest level since September, from 3% last month, as prices accelerated for food and non-alcoholic beverages (3.5% vs. 1.5% in February ), clothing and shoes. (4.6% vs 4.3%), communication (1.8% vs 1.7%) and entertainment and culture (4.8% vs 4.4%).<\/p>\n

Furthermore, shipping costs recovered (3.7% vs. -0.5%). In contrast, prices slowed for alcoholic beverages and tobacco (11.5% vs. 11.6%), housing and utilities (1.8% vs. 2.5%), furniture and household appliances (4.7% vs. 5.4%), health (5.5% vs. 5.9 %), and restaurants and hotels (6.5% vs. 6.8%).<\/p>\n

Meanwhile, the inflation rate remained unchanged for various goods and services (4.7%) and education (-0.6%). On a monthly basis, consumer prices increased by 0.9% in March, after increasing by 0.4% in February.<\/p>\n

The annual inflation rate in Montenegro<\/a><\/em> fell slightly to 4.3% in February 2024 from 4.4% in January 2024.<\/p>\n

Prices slowed for clothing and footwear (12.6% vs. 15.9% in January 2024), housing and utilities (6.7% vs. 6.8%), and alcoholic beverages and tobacco (3.8% vs. 4.6%).<\/p>\n

On the other hand, prices accelerated for transportation (3.2% vs. 1.2%) and restaurants and hotels (14.1% vs. 12.9%). On a monthly basis, consumer prices rose 0.4%, slightly lower than 0.5% a month earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"

Food inflation continued to decline for the 15th consecutive month, reaching 5.3% in February from 6.3% in January. 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