In its Economic and Monetary Review 2022 released today, BNM said several key factors drove the elevated inflation.
"The continued strength in domestic demand and improvement in the labour market will similarly keep the core inflation elevated in the near term.a few months in 2023,” it said.
"In 2023, the more moderate global cost environment is expected to prevail given improvements in supply constraints and softening global demand and the prices of key commodities such as oil and agricultural products are projected to average lower and contribute to lower headline inflation,” it said. BNM pointed out that amid prolonged cost pressures throughout the past two years, prices going forward might continue to catch up to the significant cost increases that had already happened, which could cause greater persistence in inflation and delay the reversion of inflation to its long-term average.
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