Will Albania face oil price hike? Experts: Tensions in the Middle East warn of new wave of inflation
Recent tensions in the Middle East and the closure of the Strait of Hormuz are also causing concerns in global markets. As a result, oil prices have risen sharply, fueling a "cost-push" inflation.
"What is more acute is the chain effect that it will have both in the economy of the first quarter, but also in the continuation of the second quarter, in terms of the increase in overall inflation, which is primarily affected by sectors such as transport and related sectors, commercial services, affecting both the commercial services base of their businesses, but also production," said Eduart Gjokutaj, an economic expert.
Albania, as an economy dependent on fuel imports, is expected to feel the indirect effects of an increase in inflation in the coming months, according to economic experts.
"First of all, it will bring an increase in oil and energy prices, because part of the energy is produced from oil. And if our country also needs to import energy, we will get it even more expensive. The second element, of course we said oil and in itself, if this strait remains blocked for 2-3 days, there will be no real problems. But if this blockage continues for more than two weeks, then there will start to be concrete problems. And an increase in prices," said Mateo Spaho, Economic Expert.
According to the latest data, the price of Brent oil has reached 78-80 dollars per barrel today, marking an increase of 7-9% within the day. Experts predict that, if the conflict is prolonged and further leads to the closure of the Strait of Hormuz, a key route for 20% of global oil supply, prices could exceed 100 dollars.
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