The annual inflation rate will decline until the first half of next year, then rise slightly towards the end of the forecast period, except for the last quarter.

The annual inflation rate will trend downward during the current year and the first half of next year, and will then remain stable until the end of the forecast period.

Starting in the second quarter of 2025, the annual inflation rate will reverse direction and follow a downward trend throughout the forecast period.

The annual inflation rate will be on an upward trend in the first quarter of this year, after which it will decrease continuously until the third quarter of 2026 and increase slightly at the end of the forecast horizon (fourth quarter of 2026).

The current inflation forecast has been revised downwards over the comparable period since the Inflation Report, August 2024.

The cumulative monetary policy stimulus, both the consecutive cuts in the base rate and the lowering of the reserve requirement ratio, will allow banks to lend to economic agents and households alike and to invest in MSEs.

The current inflation forecast, relative to that in the Inflation Report, February 2024, has been revised insignificantly upward for the comparable period, except for the second quarter of 2024, where it is similar, and the third quarter of 2025, where it is lower.

Current inflation forecast, compared to that in the previous inflation report , has been revised downward insignificantly in the first quarter of 2024 and upward for the remainder of the comparable period.

The restrictive monetary policy stance configured in a timely manner during 2022 conditioned the recording of a downward trend in the annual inflation rate starting with the end of the previous year, continuing in the first nine months of the current year.

The current inflation forecast, compared to that in the previous inflation report, has been marginally revised downwards over the comparable period.

The downward trend in the annual inflation rate from the end of the previous year continued in the first months of the current year.

The annual rate of core inflation will decline rapidly over the current year, then increase slightly by the end of the forecast horizon.

The current inflation forecast, compared to the previous inflation report, has been revised downwards for the first two consecutive quarters and for the last quarter of the comparable period and upwards for the rest of the period.

The current inflation forecast relative to that in the previous Inflation Report has been revised upwards through the first quarter of 2023 and downwards for the rest of the comparable period, except for the first quarter of 2024.

The annual inflation rate will increase until the third quarter of this year, after which it will follow a downward trend towards the end of the forecast horizon. In the second quarter of 2022, the inflation rate will continue to be above the upper limit of the variation range and will return into the range only in the last quarter of the forecast.

The annual rate of core inflation will have an upward trend during the current year, subsequently decreasing continuously until the end of the forecast period

The National Bank of Moldova has published the latest Inflation Report of this year. According to it, the average quarterly annual inflation rate increased to 4.9 percent and at the end of last quarter annual inflation was 6.7 percent.

The National Bank of Moldova will continue to carefully monitor the evolution of the consumer price index, the internal and external macroeconomic situation, and at the right time will come with the necessary measures to create monetary conditions to achieve its fundamental objective.

The document is a detailed analysis of macroeconomic developments in the internal and external environment and mainly concerns the inflationary process, economic activity and the conduct of monetary policy.

Annual inflation rate will decrease insignificantly in the current quarter, but, starting with the next quarter, will increase until the end of the forecast horizon, returning to the proximity of the inflation target.