top of page

Albania economics highlights (week 31/2022)

Updated: Aug 21, 2022

Central Bank of Albania - Monetary Policy Decisions on August 3rd

The Supervisory Council of the Bank of Albania reviewed and approved the Quarterly Monetary Policy Report on August 3rd. Inflation remains the primary risk to the stable long-term growth of the economy.


The Supervisory Council decided to:


• Increase the policy rate by 0. 5 percentage points to 1.75%, from 1.25%;

• Increase the overnight deposit rate by 0.5 percentage points to 0.75%, from 0.25%.

• Increase the overnight lending rate by 0.5 percentage points to 2.75%, from 2.25%; and


Key areas mentioned during the press conference on monetary policy:

New data suggests that inflationary pressures are broader and stronger than previously assessed. The increase of inflation mainly reflected surging prices of food, oil, and transportation, however, inflation was present in other items of the CPI basket as well. The volume of economic activity grew by 6% in Q1 2022, and other indicators suggest a further growth in the second quarter.


Economic growth was driven by the expansion in households’ consumption, private sector investments, and in the exports of goods and services. The baseline scenario forecasts suggest that economic growth will remain in the positive territory over the medium-term horizon. Source: Bank of Albania


Inflation rate in Albania July 2022

The inflation rate in Albania continued its increase hitting 7.5% in July, the highest in 20 years, from 7.4% in June.

Prices rose the most within the transportation (19.7%) and food and non-alcoholic beverage group (13.2%), namely oil and fats (30.6%), bread and cereals (18.2%) and milk, cheese and eggs (15.4%). Other upward contribution came from cost of housing, water, electricity and other fuels (3.4%), furniture household goods and maintenance (4.2%) and hotels and restaurants (6%).

Compared to June, consumer prices increased 0.2%, after falling in the previous two months, with cost of housing and utilities (0.7%) and food (0.6%) rising the most. Source: INSTAT

291 views0 comments

Recent Posts

See All

Risk Disclosure: We bring updates and news from financial, regulatory or political events that impact our markets and economies. We do not provide information for investors to base their decision making in investments or trading. Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of financial loss. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Proinfinit Consulting would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and information on the website are not necessarily provided by any market or exchange, but may be provided by analysts, academics and professionals in the field. Proinfinit Consulting and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your reliance on those data or the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Proinfinit Consulting and/or the data or information  provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.

 

bottom of page