Deputy Chairman of the Central Bank Zabotkin allowed a seasonal decline in prices in August-September
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The decline in prices in Russia, which is often recorded in August-September, may occur this year as well, Deputy Chairman of the Central Bank Alexei Zabotkin said on the sidelines of the Financial Congress.
“A seasonal decline in the overall price index in late summer and early autumn is quite common and will probably happen this year as well,” he told reporters (quote according to TASS).
Annual inflation in Russia, as previously reported, accelerated again in the week from June 27 to July 3, reaching 3.43% after 3.21% and 2.96% in the past two weeks. On a weekly basis, price growth slowed to 0.13% from 0.16% a week earlier.
The Board of Directors of the Central Bank at a meeting on June 9 for the sixth time in a row since September 2022 left the key rate at 7.5% per annum. But the regulator’s hawkish signal, as Vedomosti wrote, has become tougher: the Central Bank “allows” an increase in the rate at the next meetings (the next one will take place on July 21). July 6, Chairman of the Central Bank Elvira Nabiullina admitted an increase in the key rate, while, according to her, the regulator is still analyzing whether the increase will be “one-time” or “there will be a whole cycle.”
According to the regulator’s forecast, in the second quarter, inflation will be at the level of 3.6%, and by the end of the year it may reach 4.5-6.5%. In 2024, inflation will reach a plateau. The target of the Central Bank for inflation is 4%.
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