Publisher is the useful and powerful WordPress Newspaper , Magazine and Blog theme with great attention to details, incredible features...

Albania’s producer prices reach record high as crude oil prices soar

The Producer Price Index marked a record growth in the first quarter of 2017, thanks to rising prices in the extractive industry.

According to data from the Institute of Statistics, producer prices rose by 5.1% compared with the same period a year ago.

The index had returned into a slight positive growth in the last quarter of last year, after two consecutive years of declines.

According to INSTAT, the producer price index rose by 24.3% for the extractive industry, while for the oil extraction sector specifically the growth was at 37.3% year-on-year.

Price increase of crude oil was the most decisive component in the growth of aggregate index of producer prices.

Not surprisingly, the highest increase in producer prices was reported for export goods, with 10.8% compared with the first quarter last year.

Even producer prices for the domestic market rose, but in more modest proportions, with 2.8% compared with a year ago.

The producer price index measures the prices at which they are released by the manufacturers and their performance is an important indicator of a country’s business health.

A growth in producer prices means that companies have more incentives to increase production, employment and wages.

The increase in producer prices also signals a trend towards rising consumer prices in the near future.

Scan Tv,  06.06.2017