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BNM forecasts average annual inflation of 13.7 percent in 2023

11:52 | 08.02.2023 Category: Economic

Chisinau, Feb. 8 /MOLDPRES/- The annual rate of inflation will trend downward rapidly throughout this year. More precisely, the average annual inflation is forecast at 13.7 percent this year and 5.5 percent in 2024. Governor of the National Bank of Moldova Octavian Armașu unveiled the data.

BNM data show that the annual inflation rate, in the fourth quarter of 2022, outlined a downward trajectory and recorded 30.2 percent in December compared to 34.6 percent in October. In average terms, the inflation rate was 32.1 percent in the aforementioned quarter, being only 0.1 percentage points lower than the level anticipated in the inflation report of last November.

According to the BNM governor, among the factors that will influence inflation in the deceleration phase (first quarter 2023 – second quarter 2024) are: the high base of last year, the recent adjustments of tariffs for electricity, the continued mitigation of imported inflation in the coming year, as well as the continued tempering of oil prices on the international market.

Octavian Armașu concluded that under the new conditions "a stronger fiscal boost is needed to stimulate economic activity during 2023".

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