The Central Bank of the Russian Federation expects inflation to return to the target level of close to 4% in 2024. This, report Bank of Russia “Monetary Policy Review” for public consultations.
“Following the jump in early 2022, inflation started to decline rapidly. It is expected to return to the targeted level in 2024”.
The review says annual inflation fell to 4% in 2017, with an average of 4.2% for the 2017-2021 period.
The Central Bank accepts that the inflation in Russia will be 4.5-6.5% in 2023 and 4% in the future.
Elvira Nabiullina, also the Governor of the Central Bank. did not rule out The key rate increase at the next meetings of the regulatory board will see “signs of such an acceleration in inflation that will threaten the achievement of the 4% target in 2024”. Now the key rate is 7.5% per annum. The regulator left it unchanged five times in a row.
Former Russian Prime Minister Mikhail Mishustin reportedInflation from May 2022 to May 2023 is 2.3%.