Due to the volatility in the ruble/dollar exchange rate, a new price increase up to double-digit inflation is possible. This opinion was expressed by the former head of the Central Bank, Sergei Dubinin, in a conversation with socialbites.ca.
“One of the factors affecting our inflation, among other factors, is the increase in prices of imported goods. This situation, with a certain delay, causes prices to increase in the food market, as the share of supply may not belong directly to food products. They somehow began to forget that we have unilateral sanctions on food supplies from the EU. They were once introduced as an answer. I would say everything that’s going on right now is leading to high inflation rates for the next six months. But I dare not guess what the specific figures will be. We can only say that they will reach double digits,” Dubinin explained.
Dubinin also emphasized that current events do not signal the beginning of a new financial crisis. According to the former head of the Central Bank, any crisis is accompanied by a crisis situation of financial institutions – destruction, closure, dismissal of staff, raids of depositors on banks and withdrawal of money from accounts. Dubinin stated that this is no longer the case.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.