Historical Inflation Rate in Albania since 1992 and European countries between 2010-2021

Open Data Albania is examining the inflation rate in Albania and other European countries based on the data obtained from the World Bank. The inflation rate represents the increase of the general level of the prices within an economy. According to the Bank of Albania, inflation officially started to be measured in July 1992, so we have presented how the inflation rate has changed in the country ever since.

Source: World Bank
Comments and Analyses: ODA

Inflation is called galloping when prices rise by two or three digits on an annual basis. Such was the situation in Albania with an inflation rate of 226% in 1992, but the same fate befell most of the transition countries in the early 1990s, after the collapse of the communist systems associated with the Eastern bloc in Europe.

The galloping inflation during 1990-1992 began to decline, year after year, reaching single-digit levels at the end of 1995, respectively 7.8%. The following two-year period coincides with the rise and fall of pyramid schemes, causing the inflation rate to rise to 33.18% in 1997. The consequences of the bankruptcy of rentier firms were all encompassing and, consequently, inflation couldn’t be disaffected falling sharply to 0.39% in 1999.

The 1999 – 2000 period, recorded unusual inflation rates for an economy like Albania. The last month of 2000 seemed to give the first signal for the end of the deflationary era. The timespan up to the present day has been characterized by a positive rate, but within the range limit, marking 2.04% in 2021. Below we present the values ​​of the inflation rate in Albania and other European countries for 2021:

Source: World Bank
Comments and Analyses: ODA

The country with the highest inflation rate in 2021 is Turkey with a galloping inflation of 19.6%, followed by Hungary, Poland and Romania with a 5.1% inflation rate. The country with the lowest inflation rate in 2021 seems to be Switzerland with respectively 0.6% inflation registered.

Download excel:Historical Inflation Rate in Albania since 1992 and European countries between 2010-2021
Comments and Analysis: Open Data Albania
Translated by: Rezarta Cushaj
Contributed by: Griselda Ruçi