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Although it was predicted that price growth would stabilize during the beginning of 2022, projections have changed according to the Governor of the Bank of Albania and prices will continue to remain high until the first half of the year.
“The inflation rate is expected to remain above our target of 3% during the current year, due to high prices in international markets. These shocks have turned out to be stronger and more stable than our initial estimates.
However, this shock is expected to have temporary effects. “Our analysis and that of international institutions suggest that markets will normalize during the first half of this year and that the effect of foreign shocks on Albanian inflation will decline.”
Although inflation has risen beyond the target, Governor Sejko said that interest rates will not change:
“In the Council’s view, the current level of monetary stimulus serves to meet our inflation target, helps the further recovery of the Albanian economy, and maintains a fair balance between the risks that high prices in international markets may have above the level of prices and economic activity in the country. ”
Governor Sejko said that lending, employment and economic growth all remain in a positive trend, but the strong rise in prices and the pandemic according to him are risks that could stop the country’s recovery process.
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