Inflation in Albania jumped to 7.4 percent amid the continued rise in consumer prices in the second quarter, Albanian central banker Gent Seiko said, quoted by the ATA agency.

Seiko told reporters yesterday that inflationary pressures are intensifying, with the inflation rate driven mainly by rising food, oil and transport costs.

The governor of the Albanian central bank explained that the upward inflation trend mainly reflected the consequences of the shock in external demand.

However, this trend in the Albanian economy is favored by the relatively strong demand for goods and services and the upward revision of inflationary expectations.

The development of inflation in the future will depend on the dynamics and interaction of these factors.

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According to him, the external environment remains difficult.

"The conflict in Ukraine and the sanctions imposed on Russia led to a rapid rise in prices on world markets, which in turn was reflected in a slowdown in economic growth.

In parallel, financial conditions tightened as central banks raised interest rates and economic and financial uncertainty remained high, Seiko said. 

According to the head of the Albanian central bank, the country's economy showed a sustainable performance in the first half of the year.