inflation will continue to grow and by the end of the year will be 6–7% – Kommersant
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Deputy Chairman of the Bank of Russia Alexey Zabotkin said that the regulator expects a further increase in inflation in the Russian Federation. According to him, by the end of 2023 the inflation rate in the country may approach 6–7%.
“Yes, inflation will be closer to the upper limit of the range of 6-7%, based on the weekly figures that we have received since September 15,” Mr. Zabotkin said in an interview “Interfax”.
He predicts that the slowdown in inflation in the Russian Federation will begin in the middle of next year, and the Central Bank’s target for an inflation rate of 4% will be achieved in December 2024. Taking into account these forecasts, the Central Bank intends to pursue an appropriate monetary policy (MCP), Alexey Zabotkin emphasized.
The current rate of price growth, according to the deputy head of the Central Bank, is at maximum levels. He stated that the annual inflation rate in Russia will continue to grow in the near future.
According to Mr. Zabotkin, annual inflation as of October 2 was 5.9%, the situation has changed must contribute to the tightening of the policy.
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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