Annual inflation in the Russian Federation reached 6% in September 2023 and will continue to increase in the coming months. This is stated in the materials of the Central Bank.
“Consumer prices increased by 0.87 percent in September. On average, the monthly price increase in the third quarter was 0.96%, while on an annual basis this rate corresponds to 12.1%. Annual inflation continued to increase, reaching 6% (-5.15% in August).
According to the forecast of the Central Bank of Russia, annual inflation will continue to increase in the coming months.
The Central Bank also noted that 2023 inflation in the Russian Federation is close to 6-7%, which is the upper limit of the forecast dated September 15. The regulator is confident it will return to 4% in 2024 and be closer to 4% in the future, given current monetary policy.
Before that, the first deputy governor of the Central Bank, Vladimir Chistyukhin statedHe said that as inflation is steadily slowing down, the Bank of Russia will make every effort to reduce the key interest rate. According to him, this situation will also affect the decrease in banks’ loan interest rates.
Previously Governor of the Central Bank Elvira Nabiullina registeredHe said that the transformation of the Russian economy should not occur at the expense of citizens’ incomes.