BoA. inflation – Albanian  Telegraphic  Agency. https://en.ata.gov.al News Agency Thu, 12 May 2022 16:47:18 +0000 en-US hourly 1 Inflation rate to fall in 2023 – Central Bank https://en.ata.gov.al/2022/05/12/inflation-rate-to-fall-in-2023-central-bank/ https://en.ata.gov.al/2022/05/12/inflation-rate-to-fall-in-2023-central-bank/#respond Thu, 12 May 2022 16:42:32 +0000 http://en.ata.gov.al/?p=178629 TIRANA, May 12 /ATA/ – Consumer price inflation is expected to follow a downward trend in 2023 after it hit a record rate in the first quarter of 2022, a trend that is projected to continue throughout the year, according to the Bank of Albania.

In its quarterly Monetary Policy Report, Albania’s central bank said that the Russia-Ukraine war is negatively affecting the world economies, causing consumer prices to surge, supply shortages and increased uncertainties.

“So far, the war impact is obvious on commodity and raw material prices that have hit record high rates, reflecting the important role of Russia and Ukraine as fuel, wheat and cooking oil producers,” the report notes.

Albania inflation reached a record rate of 4.4% in first quarter, up from 3.7% in January. In March, annual inflation continued its rise, increasing to 5.7%. A rapid increase was observed in food and oil prices, mainly influenced by the strong rise in these prices in global markets.

The Bank of Albania predicts that in the short run, inflationary pressures are expected to be driven by internal factors, demand growth, wage employment, as well as external factors, high prices in global markets.

Central bank projects inflation to return to its target starting in 2024.

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