Mitreska: Inflation is caused by import prices

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Inflation in the Macedonian economy, as in most countries in the region, will be driven by changes in import prices. However, these are global factors that are assessed as temporary and although some transferable effects are possible, greater price pressures are not expected. Hence, as well as the assessments for the absence of demand pressures, there is no need for changes in the loosened monetary policy stance, said Vice Governor Ana Mitreska at the regular annual meeting of the Bank for International Settlements (BIS), where the monetary policy challenges in the countries of Central and Southeast Europe were discussed.

The Vice Governor especially referred to the inflation movement in the countries in the region, emphasizing that in the pandemic 2020 it slowed down on average and remained in the zone of moderate positive changes.

The Macedonian economy also fits into this picture, given that inflation has not undergone major changes and has remained within a controlled framework.

Inflation expectations for the next period for the whole region are influenced by the recent upward changes in the prices of primary products on world markets, which is expected given the high trade openness of these economies and their import dependence.

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