BoB sees inflation slowing in 2025

Inflation, which is the rate of growth in the average prices of goods and services in the economy, has been marginally ticking up in recent months, being last measured at 2.8 percent in March. The level is, however, still lower than the three to six percent range seen by the BoB as ideal for business activity and economic stability.

Central bank executives said the United States global trade tariff posture has significantly pushed down international oil prices, which at some point sank to levels last seen during the COVID-19 pandemic. The trend is mainly due to the impact of the trade war, particularly with China, on global economic prospects.