Albania ranked fifth among 41 European countries for the large increase in milk, cheese, and egg prices in 2024, according to new Eurostat data updated these days on annual price changes in Europe, local business news provider Monitor reported on Tuesday.

At the top of the list is Turkey, with a 38.6% increase in the prices of milk, cheese, and eggs. Turkey has been experiencing hyperinflation for the past three years, which comes from a combination of structural problems in the Turkish economy and monetary policy.

It is followed by Malta with a growth of 6.7%, Norway with 5.9%, and Iceland with 4%. Albania follows this ranking with a growth of 3.9%, significantly exceeding the EU and regional averages.

Iceland and Malta are island countries with low production capacities and high transportation costs, while Albania is not comparable to these countries.

The smallest increases in dairy and egg prices were recorded in countries such as Portugal at 1.8%, North Macedonia at 1.8%, Serbia at 1.5%, and Montenegro at 1.1.

Meanwhile, many European Union countries have experienced price decreases for this group of products, especially the Czech Republic with -6%, Hungary -4.4%, Finland -2.4%, and Germany -1.7%.

The 3.9% increase in prices for basic products in our country such as milk, cheese, and eggs is a consequence of high production and import costs, and the lack of sustainable subsidies for agriculture. The number of animals on farms has halved in the last decade, reducing supply on the market, while on the other hand, the arrival of tourists has increased demand for dairy products and eggs in certain months, further influencing the increase in prices.