Inflation expectations of Russians rose to the level of summer 2021
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In today’s, August 24, analytical report The Central Bank (CB) notes that in August, inflation expectations of Russians rose to 12% (+ 1.2 p.p. to July), which corresponds to the indicators of the summer of 2021. Annual inflation observed by the population decreased this month to 20.5% (-1.7 percentage points against July).
The authors of the report specify that the strongest growth in inflation expectations was recorded among respondents without savings and with the lowest incomes. On the contrary, among the respondents with savings polled by inFOM LLC on the order of the Central Bank, inflation expectations in August decreased to 9.8%.
“At the same time, short-term price expectations of enterprises continued to decline, returning to mid-2020 values,” the document says. Last month, the average price growth rate expected by businesses was 4.4%.
According to the regulator’s latest estimates, annual inflation will drop to 12–15% in 2022, to 5–7% in 2023, and return to 4% in 2024. In a recent report The Central Bank on monetary policy clarifies that global economic problems could provoke a two-year fall in Russia’s GDP and prolongation of high inflation for the next year.
About the macroeconomic report of the Central Bank – in the material “Kommersant” “We don’t need someone else’s crisis”.
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