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The price crisis will hit the pockets of citizens at least until the beginning of 2024.
These are the estimates of the Bank of Albania, according to which the consequences of the war in Ukraine, which has led to interruptions in the production and distribution of goods, will be long-term and will keep inflation above target, the growth of which, according to her, is showing the first effects. in the slowdown of the economy.
“Inflation in the country will remain at relatively high levels during the following period. For the most part, the rise in inflation was caused by supply shocks, coming from rising food and oil prices. High prices in world markets, increased aggregate demand, and labor market dynamics are expected to keep inflation close to current levels during 2022. Further, it is expected to decline gradually during 2023 and return to target in the first half of 2024 ″, said Governor Sejko.
The Governor of the Bank of Albania, Gent Sejko said that while the risks to the economy have increased, the bank is monitoring the situation and is ready to intervene in any case of need for price stability.
Only a short time ago, in order to mitigate the shock of strong price increases, the bank revised its monetary policy by doubling the key interest rate, which according to it is beginning to have an impact on mitigating the negative effects of the crisis.
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