In a recent economic report, the Ministry of Finance has issued a concerning forecast: high inflation rates are expected to persist in the coming months, remaining within the range of 29 to 31 percent. The primary drivers of this inflationary trend are the soaring prices of petrol and electricity, which have widespread ripple effects on the economy.
The Minister of Finance has also expressed apprehension about the potential consequences of this inflation. In particular, citizens should prepare for the possibility of increased transportation costs, higher prices for essential goods, and rising expenses within the services sector.
However, amidst these challenges, there is a silver lining. The government has implemented rigorous measures to combat illegal currency exchange dealers and stockpilers. As a result, there are signs of stabilization in the exchange rate, offering a glimmer of hope in these uncertain economic times.
On the international front, global food prices are generally decreasing. Nevertheless, the ongoing conflict between Russia and Ukraine has created a unique situation. This geopolitical conflict has driven up the prices of rice and sugar locally, illustrating the intricate and interconnected nature of today’s global economy.
