Deputy Chairman of the Central Bank called the low rate of price growth in Russia
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The influence of temporary disinflationary factors is weakening, and the rate of price growth in Russia remains low, said Deputy Chairman of the Central Bank (CB) Alexei Zabotkin. According to him, the Central Bank allows for an improvement in the forecast for Russia’s GDP in October.
According to Mr. Zabotkin, a weakening of the increased inflationary background is expected by the end of 2023. The Central Bank predicts that inflation will drop to 4% in 2024.
“Our baseline inflation forecast, which was revised in September, assumes inflation of 11–13% by the end of 2022, 5–7% in 2023, and reaching the target of close to 4% by the end of 2024 in terms of annual inflation,” said Deputy Chairman at the Treasury International Banking Forum (quote from TASS).
By estimated Ministry of Economy, the decline in Russia’s GDP in 2022 will be 2.9%, inflation will be 12.4%. Russia’s budget for the next three years will be scarce. Organization for Economic Cooperation and Development expectsthat the Russian economy in 2022 will shrink by 5.5%, inflation will reach 13.9%.
On the dynamics of the economy – in the material “Kommersant” “Demand is not enough even for supply”.
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