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Economics highlights (week 25 / 2022)

Updated: Jun 30, 2022

Find out this week highlights on record-high inflation rates and moves of Central Banks and the Federal Reserve.

“Central banks all around the world these last few weeks made aggressive moves to slow inflation and are expected to continue down this path for the coming months.”

Record-high inflation rates

Annual inflation rate in the Euro Area was confirmed at a record-high of 8.1% in May of 2022, above 7.4% in each of the previous two months and four times higher than a year earlier. The inflation rate in the Euro Area remains well above the ECB's target of 2%. Source: EUROSTAT

Annual inflation rate in the USA unexpectedly accelerated to 8.6% in May of 2022, the highest since December of 1981 and compared to market forecasts of 8.3%. Source: U.S. Bureau of Labor Statistics

The annual inflation rate in Albania rose to 6.7 percent in May of 2022, from 6.2 percent in April. It was the highest inflation rate since March of 2002 led by higher prices of food and non-alcoholic beverage (11.4 percent vs 10.4 percent in April), housing and utilities (2.7 percent), furniture and household equipment (3.2 percent), and restaurants and hotels (5.3 percent). Source: INSTAT

Central banks and Federal Reserve Moves

Central banks all around the world these last few weeks made aggressive moves to slow inflation and are expected to continue down this path for the coming months. Increase in prices of energy and food has been the main driver of inflation. Energy prices in US rose 34.6%, the most since September of 2005.

The Federal Reserve on June 15 hiked rates by 75 basis points, the most aggressive hike since 1994. Monetary policymakers also signaled another increase of 50 to 75 basis points at their July meeting.

"For the first time in 11 years, in March 2022 the Bank of Albania raised the base interest rates by 50 basis points, to the level of 1%".

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