Albanian EU-harmonized index of consumer prices (HICP) averaged 2.6% in 2024, down from 5.3% the previous year, the country’s statistical office, INSTAT, said on Friday.

In December alone, HICP advanced by 2.4% year-on-year, the same as the annual change in November, the country's statistical office said in a statement.

The most significant contribution to annual inflation in December was a 5.4% increase in recreation and culture prices, followed by alcoholic beverages and tobacco with 3.9%, furniture, household goods, and maintenance with a 3.6% increase, and clothes and shoes with 3.2%.

The prices of the food and non-alcoholic beverages group recorded an annual increase of 2.7%, those of the health group by 1.5%, and rent, water, fuel, and energy by 0.9%. On the other hand, the prices of the "Transport" group decreased by 1.4%.

On a monthly comparison basis, Albania's HICP saw a 0.5% uptick in December, after edging down by 0.3% in November. This change was mainly influenced by the price increase of the group entertainment and culture by 1.3%, followed by the group's alcoholic beverages and tobacco by 0.9%, food, and non-alcoholic beverages by 0.7%, rent, water, fuel and energy, health, and various goods and services with 0.2% each.

Albania's non-harmonized consumer price inflation slowed to 2.2% in 2024 from 4.8% in 2023, INSTAT said earlier this month.