TIRANA, Aug 2 /ATA/ – Albania’s inflation slowed down by two percent points to an average rate of 4.6% in the second quarter of 2023, the Governor of the Bank of Albania, Gent Sejko told a press conference on Wednesday.
“Inflation of consumer prices averaged 4.6% in the second quarter, down by almost 2 percentage points from the previous quarter,” Central Bank Governor said.
According to Sejko, the fall reflected the lower inflation rates of food items, particularly unprocessed foods, coupled will lower inflation rates of non-food consumer goods, particularly of oil. On the other hand, the consumer prices of certain basic food items showed more stability.
From the macroeconomic perspective – he went on saying – the pace of price increase decelerated, mostly on the back of the fall in imported inflation, reflecting the inflation’s downward trend in Albania’s trading partners coupled with the exchange rate strengthening.
“Domestic inflationary pressures continue to appear relatively robust and stable. The relatively elevated demand for goods and services fuelled these pressures. In addition, this demand has been accompanied by a fast growth in both wages and production costs, while maintaining profit margins high,” Sejko said.
Governor underlined inflation is expected to gradually turn to the Central Bank’s target by mid-2024.
/u.sh/
