Reshetnikov: acceleration of weekly inflation to 0.3% is included in the annual forecast
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The acceleration of weekly inflation to almost 0.3% is included in the forecast for growth of the indicator in annual terms to 7.5% by the end of the year. The head of the Ministry of Economic Development of the Russian Federation, Maxim Reshetnikov, told reporters about this.
“We are in that range, in that schedule, which is 7.5% at the end of the year. You should also look at last year’s database for comparison. When we made estimates, we took these fluctuations into account. We are going according to plan for now, everything is according to plan,” he said.
Inflation in Russia from September 19 to 25 was 0.28%, reported formerly Rosstat. Since the beginning of September, consumer prices in Russia have increased by 0.6%, since the beginning of the year – by 4.32%.
At a government meeting dedicated to budget priorities for 2024-2026, Minister of Economic Development Maxim Reshetnikov gave a forecast according to which inflation growth will slow down to 4.5% by the end of 2024, and will reach 4% in 2025.
In September, the Bank of Russia predicted that annual inflation would continue to rise in the coming months due to increasing price pressure. In 2023, annual inflation will be 6-7%. It will return to 4% in 2024 and will remain at this level in the future. The Central Bank also clarified that to limit the deviation of inflation from the target and return it to 4% in 2024, an increase in the key rate was required.
On September 15, the Central Bank raised the key rate by 1 percentage point to 13%. This is the third consecutive rate increase in a month and a half: first, the Central Bank raised the rate at a meeting on July 21 by 1 percentage point to 8.5%, and then unscheduledly increased the rate on August 15 immediately to 12%. At a press conference, Central Bank Chairman Elvira Nabiullina noted that the sharp movement of the exchange rate in itself was not a risk to financial stability, but it caused an additional increase in inflation and inflation expectations.
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