The Central Bank of Russia said that the depreciation of the ruble could have a stronger effect on prices in the country in the near future. This has been reported editor website.
They emphasized that at the moment the effect of the weakening of the ruble is less noticeable than usual. To date, the low exchange rate has only affected the cost of individual goods and services, for which there is a consistently high demand. For example, this has affected foreign tourism and car services.
The Central Bank added that in June 2023, price pressure in Russia continued to increase. This happened against the backdrop of increased consumer demand. Regulator’s analysts stress that “the cumulative effect of the ruble’s weakening could be more reflected in prices” as demand continues to rise and stocks gradually run out.
Before that, it was known that the Central Bank of Russia. guesses inflation accelerating from 3.25% in June in the coming months. Economists predict that inflation will be 4.5-6.5% in 2023 and then return to 4%.
former Central Bank declaration about a possible increase in key rate.