Inflation and the general price level in Russia will continue to rise, said Central Bank Vice President Alexei Zabotkin. By the end of this year, the inflation rate may approach 7% and will not begin to decline until next year. The target of 4% annual inflation set by the Bank of Russia can only be achieved by the end of 2024.

Inflation and the general price level in Russia will continue to grow until the end of the year – Central Bank

The Bank of Russia reported that the current pace of price growth is at maximum levels. The vice president of the Central Bank, Alexei Zabotkin, spoke about this in an interview with Interfax.

According to data on price growth as of September 15, the annual inflation rate will approach 7%, Zabotkin noted, and currently the price growth rate is at maximum levels.

At the beginning of October the annual inflation rate was 5.9%, stated the vice president of the Central Bank. Reducing inflation in Russia should be facilitated by tightening the monetary policy of the Bank of Russia.

On September 15, the Bank of Russia raised the key interest rate by 100 basis points. up to 13%. The Central Bank then noted that “significant pro-inflationary risks had materialized.”


Kirill Bilyk

Source: RB

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