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Inflation falls/ Bank of Albania, optimistic forecast: The economy will grow

2023-07-05 17:01:00, Ekonomi CNA
Inflation falls/ Bank of Albania, optimistic forecast: The economy will grow
Governor of the Bank of Albania, Gent Sejko

Inflation in Albania has fallen. This was announced by the Governor of the Bank of Albania, Gent Sejko, in a press conference.

Sejko stated that during the second quarter the average value was 4.7%.

"Inflation decreased during the quarter, registering an average value of 4.7% in the months of April-May. This dynamic has been dictated by the fall in the inflation of the prices of processed food, oil and related products, while the inflation of other basket items has appeared relatively stable.

In the macroeconomic aspect, the downward trend of inflation reflected the similar performance of this indicator in our trading partners, the strengthening of the exchange rate of the lek against the euro, as well as the effects of the high comparative base. On the other hand, internal inflationary pressures continue to remain high, reflecting the high demand for goods and services, the tight conditions in the labor market and the rapid increase in wages and labor costs", he said. .

As for the economic situation of the country, the Governor of the Bank of Albania warned of its increase and further decrease of inflation.

"The update of our forecasts suggests that the Albanian economy will continue to grow and that inflation will decline gradually and return to the target in the first half of 2024.

The fall in inflation will reflect the further reduction of inflation in global markets and the normalization of the monetary policy stance in the country. This normalization will create a better balance between demand and supply, will support the stability of the financial markets and will help control the expectations of economic agents for inflation", emphasized Sejko./ CNA.al





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