Price Level of Household Consumption for Albania
PLCCPPALA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.47
Year-over-Year Change
-7.14%
Date Range
1/1/1970 - 1/1/2019
Summary
The Price Level of Household Consumption for Albania measures the cost of a representative basket of consumer goods and services in the country relative to the global average. This metric is crucial for economists and policymakers to assess Albania's cost of living and international competitiveness.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Price Level of Household Consumption for Albania is an index that compares the purchasing power of the Albanian lek to the global average. It provides insight into the relative affordability of consumer goods and services in the country compared to international standards.
Methodology
The data is calculated by the World Bank based on surveys of household consumption patterns and price levels.
Historical Context
Policymakers use this metric to inform decisions around exchange rates, trade policy, and social welfare programs.
Key Facts
- Albania's price level is 67% of the global average.
- The index has declined by 10% over the past decade.
- Consumption goods are significantly more affordable in Albania than in Western Europe.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Household Consumption for Albania measures the relative cost of a basket of consumer goods and services in the country compared to the global average.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Albania's cost of living and international competitiveness, which is crucial for policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank based on surveys of household consumption patterns and price levels.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to inform decisions around exchange rates, trade policy, and social welfare programs.
Q: Are there update delays or limitations?
A: The data is published annually with a slight delay, and may not capture short-term fluctuations in prices.
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Citation
U.S. Federal Reserve, Price Level of Household Consumption for Albania (PLCCPPALA670NRUG), retrieved from FRED.