Deputy Chairman of the Central Bank Zabotkin predicted the peak of annual inflation in the spring-summer of 2024
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Deputy Chairman of the Bank of Russia Alexei Zabotkin, after a meeting of the State Duma Committee on the Financial Market, told reporters that annual inflation could reach its peak in the spring-summer of 2024.
“The annual inflation rate will probably reach its maximum point somewhere in the spring and summer,” he said (quoted from TASS). According to him, annual inflation as of October 2 was 5.9%, and to return to 4%, the Central Bank plans to tighten monetary policy in 2024.
On September 15, the Central Bank at a meeting of the board of directors raised the key rate by 100 basis points, to 13%. The regulator expects inflation to accelerate from 5–6.5% to 6–7% in 2023. The Ministry of Economy in September raised its forecast for the current year from 5.3% to 7.5%. In 2024, the Central Bank expects inflation at 4%, the Ministry of Economy at 4.5%.
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