Inflation continued to accelerate and in March 2022 reached an annual rate of 8.8 percent. The main factors of the price level shifts are still the supply factors, i.e. the prices of energy and food products, due to the rising import prices, which account for more than three quarters of the growth, said the National Bank at Tuesday’s regular session of the Committee. As announced by the NBRM, given that these factors are input to many products and services, and the downturn in production chains increases the price of other imported products, the latest data show that price growth is becoming more widespread.
“More pronounced demand pressures on prices have not been observed so far, and the military conflict in Ukraine underscores the downside risks to domestic demand in the coming period,” reads the statement.