"The Board noted that inflation's acceleration, started in 2021, is continuing, driven by external pressures related to the surge of energy and food products prices and the increase of inflation in key economic partners," said BAM in a statement issued after the first session of the year 2022 of its board.

Similarly, its underlying component would rise from 1.7% to 4.7% and then decelerate to 2.6%, the same source added.