In the past months, Albanians have been facing a higher price of food and fuels, while the Prime Minister warns of a possible energy crisis that could lead to a higher energy price. But how will this price increase affect the budgets of Albanian families?
Data from the Institution of Statistics show that a family spends 41% of the total of its budget on food, 10.9% on the property, water, energy, rent, and 5.9% on transportation. 57.8% of the monthly budget covers such necessary needs.
Raised prices of these three product groups, increases significantly the hardship in the budget and become almost unaffordable for a category of citizens, including retired citizens, low-wage families or those with economic assistance.
According to INSTAT data, the poorest citizens spend almost 54% of their income on food, 17.5% on energy, water, and rent, and 2.2% on transportation. 74% of total spending goes to covering basic needs.
A possible increase of the energy and fuel price will cause a chain reaction that will increase prices of other products and services.