Following two rounds of gas price increases in Macedonia – driven by the spike in global oil prices caused by the war in Iran – state institutions are gearing for the expected price increases.
Following the recent developments in the Middle East and their impact on global markets, we are closely monitoring the situation with the prices of energy and staple products. We are aware that such geopolitical crises can cause price pressures, especially for products that depend on imports and transport. The Ministry of Economy and Labor, as well as the Government, is ready to react with appropriate and timely measures if an unjustified increase in prices or a major disruption of market stability is determined. In this regard, the possibilities for interventions that will aim to protect the living standards of citizens, as well as the possibility of targeted measures for the most vulnerable categories, are being analyzed. Our priority remains ensuring stable supply, fair market conditions and preventing speculative price increases. We will continue with a coordinated approach with the competent institutions and economic entities, in order to deal with all challenges in a timely and efficient manner. The State Market Inspectorate has already conducted over 30 controls at manufacturers, distributors, exporters, and large supermarket chains to determine whether there has been an increase in gross profit margins. We expect the initial release of official data in the form of a report next week, and for now, according to information on the ground, there is no significant increase in prices, sources at the the Ministry of Economy and Labor told Republika.
Inflation reports in recent months indicate some stabilization, but uncertainty in the global environment remains significant. Geopolitical tensions, especially in the Middle East, can affect energy prices, which are one of the key factors for inflation at the global level. Given that these are geopolitical events whose course and duration are difficult to predict, it is too early at this time to make more precise assessments of their impact on the inflation in the coming period. As a small and open economy, our country may feel certain effects, primarily through energy prices and through the external economic environment. The National Bank carefully monitors all developments and regularly develops scenarios for possible effects on the domestic economy, in order to react in a timely manner if stronger inflationary pressures or other risks to macroeconomic stability arise. The new, spring cycle of macroeconomic projections is coming, within the framework of which a more detailed assessment of the effects of the events in the Middle East on key segments of the economy and projections for the next period will be made, Republika was told by sources in the Central Bank.
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